THE CONFLICT BETWEEN
Man and Mammon
GOLD SLAVERY THE CURSE OF
BY Geo. W. Warder,
"After Which All Things, or Footprints and Shadows, '
"Utopian Dreams and Lotus Leaves," Etc.
"I believe the struggle now going on in this country
and in other countries for a single gold standard will, if
successful produce wide spread disaster in the end, through-
out the world." — James G. Blaine.
LEAGUE PUBLISHING CO.
Dedicated to Those Who Love HuxManity,
AND Would Save Mankind From the Tyranny of Gold,
AND THE Avaricious Grasp of the Usurer ; Who
Regard Patriotism Above Party, and the Prosperity
OF the Toiling Masses More Important than
Increasing the Wealth of Millionaires,
AND Who Oppose the Present Gold Standard as Hurt-
ful and Ruinous,
Producing Monetary Anarchy.
BY THE AUTHOR.
Kntered according to act of Congress,
in the year 1896, by Geo. W. Warder,
in the office of the Librarian of Congress, at
Washington, D. C.
The Tyranny of Wealth 7
The World's Energies Expended in Enslavement of the Race. ... 9
Individual Avarice and Corporate Greed. 10
Free Silver the Present Financial Issue 12
The Gold Standard not the Standard of Civilization 14
Why England Demonetized Silver 16
Silver the Unit of Value for a Century 21
The Crime of 1873 23
Cleveland a Dissapointment . . 26
Not Demonetized Because of Overproduction 30
Increase of Gold Over Silver 32
Silver Was at Par When Demonetized 33
Avarice of the Rich the Only Motive 35
Not Enough of Poth Metals 36
Destroying Silver Doubles the Purchasing Power of Gold. . : 37
All Parties for Bi-Metalism 40
Other Nations Follow Our Example 41
No Reason Why We Should Wait 42
Bi-Metalism and Concurrant Circulation are Different 44
Silver Still Measures the Value of the World's Products 47
Only the Usurer Benefited by the Gold Standard 50
The Restoration of Silver the Only Hope of Prosperity 52
Honest Money — Gold the Most Dishonest 53
Could "Sound" Money Produce Such a Curse 54
No Danger of a Silver Plood 57
We Can Have Two Standards 58
Gold Has No Intrinsic Value 59
A Fitty cent Dollar can be Legislated into a loo-cent Dollar 64
A Dishonest Argument 67
Why Favor the Gold Miner and Oppress the Silver Miner 68
Can the United States Alone Hold up Silver 70
The Honor and Credit of the Government not Involved 72
The Stanley Mathews Resolution 74
Abraham Lincoln's Position 75
What the Policy to Preserve the Parity Means 79
Silver Coinage Provided by the Sherman Bill 83
Chas. Foster's Order the Only Authority to Pay Gold 88
The Single Standnrd is a Defective Financial System 93
Agitation Hurtful to the Gold Standard Because a Weak System, . 100
Why We Should Retain the Ratio of 16 to i loi
16 to I the Only Just and Legal Ratio 103
The Effort of Immediate Bi-Metalism Beneficial 106
European Authorities Favor Bi-Metalism 107
Mr. Cleveland's Emissaries no
Andrew Jackson's Fight With the United States Bank 114
The Eastern and Western Bankers on Bi-Metalism 121
Indebtedness of the Banks 123
1 he Money Power the Most Open Violators of the Law 125
The People West of the AUeghanies Terribly in Earnest 127
The Anarchists of New York 131
Bi-Metalism Should be Restored Without Delay 134
A Patriotic Prophecy 142
"Whoever controls the volume of
money of any country is absolute master
of all industry and commerce.— James
"If a government contracted a debt
with a certain amount of money in cir-
culation, and then contracted the money
volume before the debt was paid, it is
the most heinous crime a government
could commit against the people."—
In the early dawn of the world's history its
scattered population followed a nomadic life.
They dwelt in tents and drove their grazing herds
over trackless plains. Their wants were few and
simple, their government patriarchal. When they
encroached upon each other they could say like
Abraham to Lot, Is not the whole land before
thee? If thou wilt take the left hand then I will
go to the right."
Under such conditions avarice could not grow
nor oppression flourish. In time, however, they
abode in rude villages and obeyed the head men
of the tribe. They built huts and houses, they
claimed proprietorship in land. Gradually their
villages swelled into cities with temples and pal-
aces — they studied the arts of peace and war, of
commerce and agriculture. They had servants and
fine linen, purple garments, ornaments of gold and
silver, and jewels of rubies, pearls and diamonds.
Then came money, the representative of prop-
erty. Then came the love of money, the root
of all evil." Then came avarice that oppressed the
poor, and crushed the needy.
MAN AND MAMMON.
THE TYRANNY OF WEALTH.
Early in the world's history came the tyranny
of wealth and power — for wealth brought power,
and power enabled avarice to gorge its insatiate
maw with helpless victims. Then commenced the
conflict between Man and Mammon that has raged
through every period of the world's history. And
what seems strange and saddest has raged most,
and claimed most victims in the most civilized peri-
ods of every nation.
It was when Egypt was at the height of her
power and grandeur that she had most slaves and
most oppression. Then she built her great temples
and pyramids. Then she held in bondage the
hosts of Israel and compelled them ^'to make
bricks without straw.'' When Greece astonished
the world with her learning, and reared her great-
est temples, and the Parthenon was the wonder
8 MAN AND MAMMON.
and admiration of the world, the few rich and am-
bitious reveled in wealth and luxury, while the
common people dwelt in rude huts, and were cast
into prison and sold into slavery for debt. The
imperial diadem of Rome^ in the zenith of her
world-conquering grandeur, was sold by the Pre-
torian Guards for gold and silver to the highest
bidder. And avarice and oppression, twin monsters
of Mammon, ran riot in her streets and claimed
their worshippers in the Forum and Pantheon,
and that, too, when the voice of Cato and Cicero
was heard in eloquent appeals for manhood and
Venice, in the height of her power, robbed
Greece and Asia-Minor to beautify and enrieh her
temples and palaces. France, in her conquests,
despoiled Italy and Egypt. England, in her great-
est civilization, has been the world's octopus. She
has seized principalities and empires from all con-
tinents, and gathered booty from all lands and the
islands of the sea.
Thus has Mammon, the god of riches, sharp-
ened the wits of her devotees in every age. And
the more enlightened the times the stronger the
grasp of avarice, the sharper the teeth of greed —
the more hidden and corrupt the devious ways to
MAN AND MAMMON. 9
THE world's energies EXPENDED IN ENSLAVEMENT
OF THE RACE.
Sad and astounding is the fact that the ener-
gies of mankind have been expended in the enslav-
ment rather than the Hberation of the human race.
Every generation has sat like a stupid image of
Buddha on the breast of its own aspirations. The
heroes and patriots who have struggled to break
the fetters of Mammon and oppression have been
treated as the common enemies of human peace
and happiness, when they were its saviors and
benefactors '^of whom the world was not worthy.''
It is a great fallacy that every age has conceded to
man all the freedom he was fit to enjoy. No age
has done so. Every age has had its despotic czar,
and every reformer threatened with a Siberia.
The mammon of selfishness and the greed of
wealth are the twin giants of oppression that have
slain the hopes and happiness of men, and strewn
the earth with its hecatomes of misery and ruin.
Their baleful shadows have encircled humanity
with enslaving intolerence, red with innocent blood
and the poison of distrust, until liberty seemed the
empty privilege of agreeing with a majority often
purchased by avarice or awed by fear. For fear
has stood like an armed assassin at the door of free
bought and liberty.
10 MAN AND MAMMON.
Wars for conquest have almost ceased.
Hatred of aliens has given way to the broader love
of humanity, and the nobler creed of the father-
hood of God, and the brotherhood of man. There
is no longer any danger of another Alexander to
conquer the world, a Cassar to overturn empires, a
Napoleon to crush thrones. No more can the rude
barbarian ravage the cultured fields of civilization.
The Goths, Huns and Vandals who destroyed
the civilization of Greece and Rome disturb not
the security and tranquility of modern civilization.
Men no longer fear the devastations of fire and
sword. No longer are men's bodies sold into
open slavery. But a more subtle foe confronts
humanity. It is the avarice of the rich — the greed
of wealth — the selfishness of opulence — the Tyr-
anny of Gold.
Oh! love of gold! Oh! love of gain!
The heavens bend down with a look of pain,
To see you slay— to see your slain.
INDIVIDUAL AVARICE AND CORPORATE GREED.
The first great truth of history that man ought
to be free is now generally accepted. This free-
dom to be true emancipation must be ample and
complete. We must not substitute for the tyranny
of government the selfishness and tyranny of indi-
vidual avarice, or the organized oppression of cor-
MAN AND MAMMON. il
porate wealth. Organizations are conducted in the
interest of a few beneficiaries, and man is only a
secondary consideration. He is despised, neg-
lected, while it is honored, feared, crowned with
flowers, and decked with gold. This is wrong.
Man is more important than organizations, and the
people are paramount to the interests of corpora-
tions, syndicates and trusts.
They should not be enthralled by discriminat-
ing laws. They should not be legislated to pover-
ty or crushed by the tyranny of gold.
Mr. Gladstone in his most recent utterance
sounds a warning note against the encroachments
of wealth when he says, Wealth is a good ser-
vant but a bad master, and there is no master who
has the power of degrading the human being more
than the unchecked dominance of wealth."
History proves that man is greatest when his
heart and brain and limbs are unbound and the
individual life, soul and emotions are not ex-
tinguished by cold avarice, or pinching penury, or
obdurate forms of laws, or aggregations of wealth
that make existence of the masses a hopeless
struggle for bare necessities. His triumph and
glory is when he is free from these, and has an
equal chance to toil, to advance; with sufficient
leisure to learn to think; to become cultured — to
12 MAN AND MAMMON.
be a man. Then he fling's out both hands to g^rasp
the stars and the universe, and then is the voice
of the people the voice of God."
FREE SILVER THE PRESENT FINANCIAr. ISSUE.
But we must drop dissertation and come down
to the paramount financial issues. The present
proclaims "the irrrepressible conflict" between
Man and Mammon — the revolt of the masses
a^e^ainst gold tyranny. Lincoln truly said, "No
question is settled until it is settled right." Agi-
ation will continue and the conflict rage until g^old
slavery, the curse of the world, shall cease, and
silver be restored to its former place in our finan-
cial system, and that of the world.
It was a mistake and a crime to degrade or
destroy one-half the standard money of the world.
But it was not done by the consent- of the peo-
ple of any country. They did not have even the
opportunity to discuss and pass upon it. But it
was accomplished by the conspiracy of wealth, and
MAN AND MAMMON. 13
the scheming avarice of gold owners and million-
Gold and silver in all the ages had been uni-
versally adopted by mankind as the twin money
metals of the world. They had been used as such
from the earliest dawn of history, and " from the
time whereof the memory of man runneth not to
the contrary. "
It would seem that silver and not gold was
first generally used as money. The first record in
history of the use of money was when Abraham
bought from the sons of Heth the Cave of Mac-
pelah for "400 sheckels of silver,'' current money
with the merchant.
Thus silver and gold had walked side by side
through all the past, since the use of money was
known. They had smiled equally upon commerce,
equally upon the debtor, and creditor, and consti-
tuted the standard and redemption money of the
world. And the only money recognized by our
But in recent times the avarice of the few
overcame the good of the many. This was with-
in the last twenty-three years. Gold was the
money of the rich and they resolved there should
be no other real money. They would strike down
silver, so that they might corner gold and compel
14 MAN AND MAMMON.
all nations to struggle for it. Thus they could hold
it in their hands as a lemon to squeeze all the juice
of prosperity out of every nation as fast as it accu-
In accordance with this purpose, by legislation
they maimed silver so that it could not walk on its
own legs, and appointed their now disreputable
partner, gold, to carry it around thus disabled.
THE GOLD STANDARD NOT THE STANDARD OF
Was it in the interest of humanity ? In the
interest of commerce or civilization? In the inter-
est of freedom, or the prosperity and happiness of
the great masses?
Never! Impossible! It was the assassin of
prosperity — it was the dagger of avarice. It was
the mailed hand of tyranny — it was the sceptered
blow of kings, princes and millionaires in the
face of freedom, and on the brow of the people.
A few millionaire bankers and financiers by
undue influence and dubious ways have fastened it
upon every country that is now cursed with its
baneful influence. It has brought degradation not
alone to silver, but to the people, and to all the
products of their labor. The people of no civil-
ized country had the opportunity to discuss and
MAN AND MAMMON. 15
approve it, before it was fastened upon them by
the machinations of the gold power. It was done
secretly or by the hurried dictation of rich finan-
ciers without consulting the people or giving their
legislative representatives a chance to consult them.
The people of no civilized nation have ever ap-
proved the gold standard. On the contrary where-
ever it exists to-day they are dissatisfied with it,
and striving to overthrow it.
The gold standard is not the standard of civ-
ilization or commerce, but the standard of the rich
and avaricious few — who have undertaken in the
last twenty-three years to prey upon both civiliza
tion and commerce.
Civilization was at its high tide under free
silver. Commerce had made its most colo ssa
strides and covered the world with its ships and
railways under free silver. Nearly every great
discovery and great invention was accomplished
before the gold standard was adopted.
England had fought all Europe, and conquered
Napoleon, and wrapt her empire around the world
before she demonetized silver. She was greater .
and had more commerce and wealth on free silver
in proportion to the rest of the world than she has
today on the gold standard. She stopped the free
coinage of silver for the selfish benefit of her mil-
i6 MAN AND MAMMON.
lionaire bankers and merchant money ioaners,
and not for the good of the masses of her peo-
ple. And no other nation in the world has ever
had the same selfish reason. The United States
was the next to demonetize silver. She did it in
1873, but it only took effect when she resumed
specie payment on January i, 1879. Sixteen and
one-half years ago. We had then attained the
highest summit of our civilization and power on
free silver. We had fought three foreign wars,
and successfully ended the greatest internecine
conflict in the world's history. We were then the
most enlightened and enterprising people on earth.
We have rather retrograded than advanced from
that day to this.
France had conquered Europe and attained her
zenith of wealth and power before 1876 when she
demonetized silver. So with Germany and all the
other gold nations — they reached their summit of
wealth and power under free silver. And since
have had more dissatisfaction, stagnation and bank-
ruptcy, than ever before known in modern history.
WHY ENGLAND DEMONETIZED SILVER.
England demonetized silver in 18 16 because
she was then, as now, the great creditor nation of
The first demonetizer of silver, Nathan Meyer Rothchild,
spreading a falsehood to create a panic.
MAN AND MAMMON.
the world. At the time shehad neither silver or
gold, and had been compelled to carry on long
wars on paper money. But her sagacious finan-
ciers and enterprising merchants and money loaners
found gold was the dearest and scarcest money and
hard for their debtors to get, and they were the
great creditors of the world, so they adopted the
gold standard. Not in the interest of the many,
not for the benefit of the people, but to increase the
gains of her Rothchild bankers, her titled million-
aires and the entailed fortunes of her nobles and
princes. Nathan Meyer Rothchild was then in the
prime of his great fortune and career. He was
present at the battlefield of Waterloo^ and it is a
matter of history that as soon as he found that Na-
poleon was defeated, he hired fast horses and rode
with all speed to the channel where he hastily
crossed over into England and spread the report
far and wide that Napoleon was victorious and the
allied armies defeated. Reaching London he
threw it into excitment and panic by his false re-
port and then sent out his secret agents and brok-
ers to buy from the panic stricken people their
hard earned savings in British bonds or consols,
and made, it is said, two millions dollars by his
damnable falsehood. This same avaricious Roth-
child within a few years after he had thus landed in
20 MAN AND MAMMON,
England with this brazen lie upon his hps, with
others of his kind, forced the demonetization of sil-
ver in England.
This man — this peddler of falsehoods was the
first demonetizer of silver. And his family have
followed the same brazen example of selfishness.
This man and a score of his like have controlled
and dictated the financial policy of Great Britain
from that day to this.
England has a reason for the gold standard
that no other nation can claim. It is a supremely
selfish reason, and is, therefore, thoroughly Eng-
lish. This reason has been crystalized by Mr.
Gladstone into the following language : " The rest
of the world owes England ten billion dollars, and
we want only one kind of money and that the
best." As this is three times all the gold in the
world it means English commercial domination and
financial supremacy. It means the selfishness of
one nation absorbing the wealth of all others, and a
non-producing, money-lending nation impoverish-
ing the wealth producing nations of the world.
This reason translated — is Shylock demanding the
pound of flesh nearest the heart — avarice snatching
bread from the mouth of nations to gorge its
pampered rich, and maintain financial tyranny.
The result of the gold standard in England is
MAN AND MAMMON.
that sixty thousand persons out of thirty-five mil-
lions own every acre of the British isles. The 34,-
940,000 are tenant hewers of wood and drawers
of water." A sample of what America will soon
be under the same system.
Now can any American, can any honest man
approve the reason or purpose of England in de-
monetizing silver. It is plain it was not done by
her people in the interest of her people, but by the
millionaire money loaners in their own selfish inter-
SILVER THE UNIT OF VALUE FOR A CENTURY.
Our forefathers wisely selected the silver dol-
lar as their unit of value. This is now admitted
by all. Not only did they put it in the law, but
they had moulded on the circular rim of the silver
dollar in their earliest coinage ^ ' one dollar or
It was the people's money, the practicable
useful metal money of the world. Washington,
Jefferson and Jackson and all the patriots approved
the free use of silver as standard money, and re-
ceived their salaries therein. What was good
enough for them ought to be good enough for
Wall street, the Morgans and Rotchchilds. There
has been no new metal money discovered since their
day — and no improvement upon the metal money
MAN AND MAMMON.
that then existed. The number of grains of pure
silver in a dollar has never changed from the days
of Washington to the present day. Not so with
gold, it has changed. The silver unit has remained
the same. The act of congress of April 2, 1792,
required 371% grains pure silver, the same as now.
The act of June 23, 1834, which changed the ratio
between gold and silver from 15 to i to 15.988 to
I, commonly called 16 to i, changed the gold dol-
lars from 27 grains to the present 25.8 grains, but
while it slightly changed the weight of standard
silver from 416 to 412^ grains, the amount of pure
silver was left unchanged at 371 ^ grains.
Thus the silver dollar remained the unit of
value until it was demonetized by the act of Feb-
ruary 12, 1873, by dropping the silver dollar from
the list of coins authorized to be coined at the
MAN AND MAMMON.
THE CRIME OF 1 873.
This act, known as the crime of 1873^ was
passed surreptitously as to, and was unknown to be
the demonetization of silver at the time it passed.
Certain provisions of the bill, which made the mint
a bureau of the Treasury Department and created
the office of director of the mint, were discussed at
the time of its passage, and at various times pre-
viously. But the destruction of the silver dollar, the
unit of value, was not discussed or mentioned by
any one in any debate on said bill, or announced
by any newspaper or correspondent.
All members of Congress who have expressed
themselves^ and they are many, have claimed they
knew not that the silver dollar was stricken out at
the time they voted for the bill. President Grant
repeatedly stated he did not know it or he would
not have signed the bill. Only John Sherman,
chairman of the committees of conference, claims
any knowledge of this fact. And it has been fre-
quently stated by those best informed, that this
criminal fraud and outrage on an unsuspecting peo
MAN AND MAMMON.
pie lay between John Sherman and the engrossing-
clerk who were responsible for the expunging of the
clause providing for the coinage of the silver dol-
lar from said bill. This is said to have happened
too when a distinguished representative of the
English gold interest was present in Washington
to wield a sordid influence over its financial legis-
lation. The dispute between the silver and gold
men is not whether this bill was called up and
discussed in congress. That is admitted by all
parties, but the friends of silver claim that while
many of its provisions were discussed, that sec-
tion which dropped the silver dollar was not dis-
cussed or known at the time of its passage as hav-
ing been left out. And this discovery afterwards
created profound surprise and indignation among
the people of the United States. Mr. Carlisle and
other gold orators tell with great gusto how many*
times the bill was called up and discussed, but that
is misleading and deceptive. They have utterly
failed to show that any one discussed the clause
that dropped the silver dollar from the list of coins
authorized to be minted.
But be this as it may, the people of the United
States were betrayed, tricked and deceived in the
house of its representatives. Without warning
they were sold like Joseph by his brethren into
MAN AND MAMMON. 25
slavery to the ''Midianitish merchants" — to the
alien worshipers of gold. Then came the panic
of 1873 with its ruin and bankruptcy.
This destruction of the silver dollar as soon as
discovered caused a storm of indignation all over
the United States that almost swept the Republi-
can party from power. It elected Samuel J. Til-
den in 1876, and carried through the Bland- Allison
bill of F'ebruary 28, 1878, over the veto of Presi-
dent Hayes. This act restored the silver dollar of
412^ grains standard, and 371 ^4 grains pure silver
to the list of coins, made it a full legal tender and
authorized the purchase of from two to four million
dollars worth of silver bullion monthly for coinage
into silver dollars. This gave protection to silver.
Then confidence and prosperity was again restored,
and hopeful business activity took the place of the
panic of 1873.
Times improved and the silver sentiment grew,
and in 1890 a free silver bill was about to pass in
congress, when John Sherman, the Judas of Amer-
ican finances, forced through a compromise bill^
known as the Sherman bill, passed July 14, 1890.
This bill directed that silver bullion to the
amount of 4,500,000 ounces should be purchased
monthly, and Treasury notes be issued therefor,
26 MAN AND MAMMON,
and that the coinage of silver dollars should cease
after July i, 1891.
Mr. Bland, the veteran incorruptible friend of
silver and others opposed this bill because it took
away the money quality of silver, and made it sim-
ply a commodity, and piled it up in the treasury
as a menace to the bullion value of silver the world
over. And so it proved, for the bullion value of
silver decreased the world over from that time.
CLEVELAND A DISAPPOINTMENT.
Alter the election of Mr. Cleveland in 1892,
and a Democratic congress, it was the wish and
expectation of the great masses of Democracy that
silver should be restored^ and the aristocratic gold
power be relegated to the rear. For twenty years
the Democratic party had fought the Republicans
because they had demonetized silver. Every
Democratic speaker from Main to California, on
every stump where he championed his party's
cause, arraigned the Republican party for the crime
of 1873 — for its attempts to destroy the people's
But what was the dismay and chagrin of the
Democracy to find their chosen leader desert to
the gold power, and endeavor to betray his owa
MAN AND MAMMON.
party^ and turn it over, uound hand and foot, to the
John Sherman gold-bug wing of the Republican
It is true that in his letter of acceptance he
construed the bi-metallic plank in his party's
platform, most favorable to gold, but none could
infer from that, that he would deliver his
country into the hands of Wall street, and place
its prosperity at the caprice of foreign gold syndi-
cates. But such, alas! seemed the object and re-
sult of all his purposes.
Soon after his inauguration, encouraged by his
secretary of the treasury, the nine national bank
presidents of New York began to manufacture
the bankers' panic to force the repeal of the Sher-
man act. And for this purpose, also, Mr. Cleveland
announced he would give the country ^*an object
lesson," and soon after called Congress to meet
on the 7th day of August in a message calculated
to produce a panic or a revolution.
Finally after several months of discussion and
delay, in which the metropolitan press heaped
mountains of indignant scorn upon a patriotic Sen-
ate for refusing to concur in a repeal without some
protecting legislation for silver — the Sherman act
was repealed. The silver men were in favor of its
repeal, but demanded some legislation for silver.
30 MAN AND MAMMON.
This was promised, but the promise has never been
fulfilled. The president and gold standard men
claimed the repeal of the Sherman bill would bring
prosperity and confidence. But all their promises
proved delusions, and we have had panic and semi-
panic ever since, and must continue to have as
long as the struggle for gold continues and the
government undertakes to supply the gold specu-
lators. This suicidal policy is remarkable when
the government contracts, moneys and bonds are
payable in coin, which includes silver, of which
the government has $496,562^ 41 3 in its treasury.
With this large amount of silver on hand, bonds
have been issued to buy gold — issue after issue —
increasing and perpetuating the national debt.
And thus gold slavery continues the supreme folly
and crime of the age.
NOT DEMONETIZED BECAUSE OF OVER-PRODUCTION.
The believers in the gold standard say silver
was demonetized because of over-production. But
this is not true. There never was over-production
of either of the precious metals and never likely to
be. The demand is unlimited and the supply nec-
essarily limited. There is not enough of cither or
both for the needs of the world. Silver was not
MAN AND MAMMON.
demonetized because of over-production, for gold
was increasing more rapidly than silver. Gold has
increased one billion dollars faster than silver in the
last twenty-eight years.
Here is v/hat the great German authority,
Otto Arendt, says: "What silver wanted was not
the demand, for that is unlimited. Silver has
never yet lacked purchasers. The abolition of the
double standard has brought monetary anarchy.
* 'The Americans ignored the great fundamental
laws of circulation in trying to save silver by the ex-
periments of the Bland and Sherman laws. What
has been lacking is the fixed place of exchange be-
tween silver and gold, which can only be created
by unlimited demand for both precious metals at a
fixed ratio of value.
Hence limited coinage or limited purchase,
such as was made in the United States from 1878
to 1894 are altogether inadequate. They wrought
harm to the bi-metallic cause, because their failure
was exploited by the gold party, and because they
stimulated silver production.
^^Had the United States declined every com-
promise and solely aimed at bi-metalism, the silver
depreciation and the scarcity of gold^ would have
caused a transition to bi-metalism long ago.
This is sound and judicious logic, and shows
32 MAN AND MAMMON.
the true way to bi-metalism is the legal restoration
of silver coinage at the mint. This is the same au-
thority that Mr. Whitney in his anti-convention
appeal quotes so approvingly.
INCREASE OF GOLD OVER SILVER.
Gold and silver appear from the earliest rec-
ords to have been co-extensive with the life of
man, and silver especially, has had a beneficial ef-
fect upon the prosperity of every great nation.
Egypt and Greece felt its influence, and Rome had
its greatest prosperity after the discovery of the
silver mines in Spain. Spain had her greatest
prosperity from the silver mines of America. From
the mines of Croesus to the Mackey-Fair Com-
stock mines of recent date, the increase of silver
has marked the high tide of commercial prosperity
in every nation.
Gold^ until recent times, was too limited in
use and quantity as money to equal the white metal
in its beneficence to mankind, and in ancient times
was chiefly used for ornaments, and is still used
for ornaments in two continents — Asia and Africa.
According to Dr. Saetbeer, of Gottingen, an
eminent authority, the world's production of gold up
to 1850 was 150,000,000 ounces. Since 1851 itis
MAN AND MAMMON. 33
265,000,000 ounces, or an increase of about 70
per cent, greater than the previous three hundred
and fifty-eight years, while silver lacked about
thirty per cent, of catching up with the previous
production during said years. Again the annual
production increased rapidly since 1850, and has
doubled since 1890. The gold product in 1890
was 5, 749,000 ounces, and in 1895 it was 9,500,-
000 ounces, while silver production in 1890 was
137,171,000 ounc(is, and in 1895 165,000,000
Thus while gold doubled in five years, silver
only increased about twenty per cent, and this was
the average increase for the decade preceding
1873. taking the figures of the two metals
from 1867 to 1896, a period of twenty eight years,
gold shows an increase of about one billion dollars
If ofold has increased one billion dollars faster
than silver in the last twenty-eight years, or forty-
five years as some contend, then it is apparent that
over-production of silver was not the cause of its
demonetization, for if that had been the reason,
gold and not silver would have been demonetized.
SILVER WAS AT PAR WHEN DEMONETIZED.
Silver was at par with gold in 1873, being
34 MAN AND MAMMON.
worth $ 1 .298 when demonetized. For many de-
cades previously it had maintained an average pre-
mium of two per cent over gold at the ratio of 16
to I. During 1873, when demonetized, and in
1874, the silver dollar commanded a premium in
London of one and a half pence, about three cents
in our money. Since 349 B. C, the earliest rec-
ord, silver had been at par with gold at 16 to i, or
less ratio, making an unbroken record of over 2,-
If silver was not increasing as rapidly as gold,
and was not depreciating in value, and we were not
on a specie basis, and were not using either silver
or gold, what was the motive for destroying silver
The author of Bullion versus Coin, one of the
notable hard heads, says: " It was an extraordi-
nary crime for Congress to declare with malice
aforethought that we should not coin what we did not
have,'' referring to the fact that we had no silver
or gold at that time.
This does not excuse or paliate the crime, for
Congress was then preparing for resumption of
specie payment when the crime would become op-
erative. Such reasoning is falacious and immoral
and would justify robbery, provided the conse-
quences were not felt immediately by the victim.
MAN AND MAMMON.
AVARICE OF THE RICH THE ONLY MOTIVE.
There was no motive for demonetizing silver
but the avarice of the rich — the scheming ol
milHonaires to corner the money of the world for
their own selfish benefit. Gold is the money ot
the rich only. Less than one hundred millionaires
in Europe and America, own or control two-thirds
of all the gold of the world. The Rothchilds alone
claimed 1 1,600,000,000, which is almost one-half of
the world's supply.
In whose interest, then, is the gold standard?
^ *A wayfaring man, though a fool," must know
that the gold standard is for the benefit of the few
gold owning millionaires. They must also know
that it is against the interests of the people, and the
prosperity of the masses. That it tends to pro-
duce scarcity of money, depression in business,
low prices for property, and continuously threatens
panic and bankruptcy. This must be so in the very
nature of things. The scarcity of gold and the con-
tinous struggle for it, causes it to rise in value and
purchasing power^ and all other money and prop-
^6 MAN AND MAMMON.
erty to fall in proportion as it rises. Thus by legis-
lating gold as the only standard or redemption
money you legislate the value out of the property
and products of the world. When this is done
there is nothing left on which confidence can rest,
and the result is depression and financial ruin.
NOT ENOUGH OF BOTH METALS.
There was not enough of both metals for the
money of the world, and to strike down one-half
was to destroy one-half the property values,
double the debts of the debtor, create a fictitious
demand for gold and increase the wealth of the
money loaner and bond holder. Let us see if this
is correct. If money is the representative of prop-
erty, then the total property of the world is repre-
sented by the total standard money of the world.
To destroy or degrade one-half of the standard
money of the world is to destroy or degrade half
the property values of the world.
Let us illustrate with other commodities. If
there was only sufficient wheat to supply the world
until the next crop, and one-half of it was destroyed,
would not that double the value of the wheat not
j destroyed? In so doing would it not double its ex-
change value or purchasing power of all other
MAN AND MAMMON. 37
commodities? If, previous to the destruction, one
bushel of wheat bought two bushels of corn, after
the destruction one bushel of wheat would buy four
or more bushels of corn. Therefore, by destroying
one-half of the wheat supply }Ou destroy one-half
of the value of all other commodities, measured in
Those who need wheat are injured by the
destruction, and those who have wheat to sell are
benefited. So with the money loaners, they have
money to sell and they are benefited by the de-
struction of silver, making money scarcer and
dearer by one-half. They are the men who are
glad of it, while the toiling producers must borrow
dear money and sell cheap products.
DESTROYING SILVER DOUBLES THE PURCHASING POWER
And so with the world's supply of standard
money by destroying one-half thereof, you double
its purchasing power and destroy one-half of the
value of all property and products as measured in
that money. By so doing is it not plain that you
double the debts of all debtors, because it takes
twice as much of the debtor's property to pay the
debt as it did previous to the destruction of half
the world's standard money. In other words he
38 MAN AND MAMMON.
pays a 200-cent dollar in purchasing power when he
received only a loo-cent dollar.
Take the farmer -for example before the de-
struction of silver as standard money, he received
li.oo and $1.25 per bushel for his wheat. If he
owed $1,000 and had 1,000 bushels of wheat he
could sell it and pay the $1,000 he owed. But now
he can only sell it for 50 cents — this pays only $500
and leaves him $500 in debt which, with taxes
and interest, and proportionate low prices of pro-
ducts takes his farm and leaves him and his family
homeless tramps. Take the government for ex-
ample, at the close of the war it owed about two
and one-half billion dollars, it has paid over four
billion dollars principal and interest, and reduced
the debt to about one billion. It now takes more
wheat, corn, oats, cotton and other products and
property to pay the one billion we now owe than it
did to pay the two and one-half billion dollars when
contracted. Thus the United States, after paying"
a billion and a half on its principal, and three bil-
lions interest is as much in debt as if nothing had
been paid. That is measured in all products and
property. And this is but a sample of all other
debtors in the last twenty to thirty years. Is it
any wonder there is panic and bankruptcy? Some
ingenious reasoners say the low price of products
MAN AND MAMMON. 39
is caused by the increased production of the wheat-
fields of E^ypt, India, Russia and the Argentine
But they should remember these are old com-
petitors, except the Argentine Republic, and the fa-
cility for distribution and the increase of population
make up for the increased production. This argu-
ment does not answer the question. No new fields
have been opened up in Egypt or India in a thous-
and years and but few in Russia in recent times, the
new fields of South America with their Mosaic sys-
tem of culture can not account for so great a change.
It is found elsewhere in the struggle for gold which
has produced financial paralysis and commercial
stagnation . As gold goes up property and pro-
ducts go down. Besides it is not wheat alone that
is down^ but all products and property — every-
thing but gold. Gold has increased in production
almost as fast as wheat. Why does not the same
law apply to gold?
MAN AND MAMMON.
ALL PARTIES FOR BIMETALISM.
Why should we have bimetalism? Because it
prevents the rich from cornering the money of the
world, and destroying the property of the masses.
All partys agree that bimetalism is right and best.
But some say wait until other nations join us in the
movement. Since all acknowledge the principle is
right, the plea for delay — wait for others — is cow-
ardly and humiliating, delusive and hypocritical.
We did not wait for other nations when we de-
monetized silver, and we should right our own wrong
regardless of the protests of the millionaire gold
owners, who have taken advantage of that wrong.
Why should we wait? We had no reason for
the crime of 1873. It was committed secretly by
the scheming of the gold power, and was without
the knowledge or consent of the people, or any
large number of their representatives. It was a
fraud upon the nation, a violation of the constitution
and a crime against humanity. We did not even
have the selfish excuse of England, that the rest of
the world owed us three times all the gold in the
MAN AND MAMMON. 41
world, and therefore, we wanted to treble the
value of the dollars we loaned. England was the
only country before us that had committed this
suicidal crime against humanity. She did it years
before and had at least an excuse for so doing. We
had none, and no nation for liearly sixty years was
so cowardly avaricious as to follow England's dire-
ful example. Why should we be meaner than the
rest of the world ?
OTHER NATIONS FOLL©WED OUR EXPERIMENT.
Our example in striking silver down caused
other nations to follow us, and in August, 1873,
six months after we did this crime, Germany de-
monetized silver, and France followed three years
Thus the United States, supposed to be a na-
tion of free people, struck the most deadly blow
against human freedom and human prosperity
known in the history of modern times.
For its whole tendency was to reduce the peo-
ple to helpless penury, and place them at the mercy
of a gold oligarchy. And from financial slavery it is
but one more step to political slavery.
Why should we follow England or cause other
nations to follow us at the behest of Mammon to bow
to the cursed slavery of gold? We are powerful
42 MAN AND MAMMON.
enough and rich enough to have a financial poHcy
of our own, and throw off the yoke of financial
slavery to Great Britain and the Rothchilds.
We should have a policy in accord with hu-
manity and the prosperity of the people. We are
a government of the people, and oiir laws should
be for the benefit of the people, and not for the
avaricious greed of monopolies and millionaires.
The Jeffersonian principle of the greatest good
to the greatest number," and protection for the
least and weakest, as well the great and powerful
should predominate in all our laws.
NO REASON W^HY WE SHOULD WAIT.
There never has been international money and
never likely to be. International bi-mctalism is
about as probable as an international tariff, and its
advocacy is a pretense and a fraud.
It is not any nearer consummation now than
ten or twenty years ago. Though the people of
all gold countries want it, the millionaire bankers
and financiers control legislation and prevent it.
And will continue to do so. Those who talk of an
international bi-metalic commission do so to deceive
the people and make delay in the settlement of this
question. They have been using this deception
MAN AND MAMMON. 43
for many years, till they have worn it thread bare,
and are waiting hoping the clamor of the people
will cease and the gold standard will forever be
fastened on this country in the interest of gold oli-
garchy. Why should we abdicate self-government
on this question, 'when we assume to make our own
laws on every other? We are again fighting the
battle for independence from all other nations, and
for the right of self government
MAN AND MAMMON.
BI-METALISM AND CONCURRENT CIRCULATION ARE
Mr. Carlisle, in his speech at Chicago, and
others, claimed we never had bi-metalism because
gold largely went out of the country from 1792 to
1834, and after that silver left us and gold re-
mained because of the change in the ratio. This
is not discussing bi-metalism, but concurrent circu-
lation of gold and silver in equal amounts. Ac-
cording to them there can be no bi-metalism unless
there are as many gold dollars as silver dollars in
circulation at the same time, and vice versa.
This is a subterfuge and a sophistry. Bi-
metalism from their version of it, requires every
citizen to carry as many gold dollars in one pocket
as he carries silver dollars in the other — an impos-
sible absurdity — that has nothing to do with the
Bi-metalism is the free, unlimited coinage of
both gold and silver as standard or primary money.
Concurrent circulation of both metals in equal
mounts has never been attempted or maintained
Mr. Cleveland's emisaries trying to pursuade the eminent
. English bi metalist, Mr. Balfcur, that he is a crank.
MAN AND MAMMON. 47
by any nation on earth, and never will be under
As to circulation there is no country in the world
where silver does not circulate more abundantly
and freely than gold. Gold is a theoretic money.
In good times no one cares for it. In hard times
no one can get it. It is not in general use as cur-
rency in many countries but more as a basis for pa-
per money. When Mr. Carlisle and others speak
of so many millions in circulation, they don't mean
actual circulation, but that so much is locked up
in the bank and treasury vaults — held as reserve —
that rarely sees the face of man or the light of day.
It is lar^e metal value in small compass to hide or
run off with in an emergency.
Of the gold of the United States about one-
half is held as reserve by the banks, and one-fourth
as reserve by the government — and there is not
fifty millions in circulation. It is simply dead use-
less hoarded wealth. And the country would be
better off if it held its value in iron, copper, zinc,
tin or any useful metal; or any article of commerce
like wheat, corn or cotton.
SILVER STILL MEASURES THE VALUE OF THE WORLD^S
Silver is the practical, useful, active metal
money of the world. It is in general use by all
48 MAN AND MAMMON.
the fifteen hundred millions of its people, while
scarcely a million or two use gold orenerally as a
Silver fixes the value of the property and pro-
ducts of the world, and has done so from the earli-
est ages of its history. The toilers and producers
of the world's wealth have been paid in this metal
since the beginning of commerce.
The gold standard men say gold is the money
of the world, but it is false. Gold is the money of
the rich, and only the rich. The)' alone hoard it
in hard times and gamble with it in good times —
and juggle with it at all times to ruin the masses.
They say that silver is at a discount — that it
has depreciated. That its commercial value has
decreased one-half and that it is only a fifty cent
dollar. It is a slander on silver. You can melt a
silver dollar down, and at its bullion value today it
will buy as much wheat, corn, cotton and other
property, except gold, as it would twenty or twen-
ty-five years ago, or before it was demonetized.
The fifty or fifty-six cents of bullion silver will buy
as much as the socalled one hundred cents in 1873,
in everything but gold. Then gold has gone up
and silver has not gone down, measured by its
commercial value. If you have degraded silver,
the commerce it has ever ruled, and the values of
MAN AND MAMMON. 49
the world which it has ever fixed, has followed it,
that is all. But it has not gone down except in
comparison with gold. The commercial value of
silver is as great as it was when it was conspired
against and assassinated. It will buy as much of the
forty-four articles of commerce as when it was de-
monetized. Legislation has fixed a fiat value upon
gold, and created a fictitious demand for it, and
thereby made a one hundred cent dollar a two hun-
dred cent dollar in purchasing poiver.
And the people and nations who , produce
wealth receive a one hundred cent dollar for their
products, and pay a two hundred cent dollar to the
people and nations who loan money and hold
bonds and fixed investments. Thus the rich and
the usurers flourish and the people are impoverish-
ed and ruined. The farmer cannot sell the pro-
ducts of his farm for sufficient to pay his taxes,
and his labor is for naught.
The laborer cannot find employment because
there is no profitable industry^ and becomes an un-
willing wanderer and homeless tramp. Manufact-
urers close their profitless business and commerce
MAN AND MAMMON.
ONLY THE USURER BENEFITTED BY THE GOLD
Only the usurer flourishes. Even he must
sustain some loss, for the shrinkage in his securi-
ties at times, almost overcomes the profit on the
two hundred cent dollar he exacts.
He aimed to contract the currency. He aimed
to make money dear. He has made it so dear it
caiinot be obtained. He wanted good money —
"sound money." He has made it so good no one
can get it, and so ''sound'' its rattle is only heard
in bank vaults.
The usurer has ever been a cunning animal —
a kind of wolf and hyena to prey on unfortunate
humanity. He was forbidden by the scriptures,
and was supposed not to exist in a Christian land,
but he still feeds on the life-blood of the living and
picks the bones of the dead.
He has ever endeavored to contract and con-
gest money, and will answer the needy like Shy-
lock, '4s it possible for a dog to have money?
Can a cur lend ten thousand ducats?''
Or, ''My friend, money is dear!'' Of course
it is dear, he has spent his life lo make it dear.
Bejgium, Germany and Austria, in the fifties,
MAN AND MAMMON. 51
demonetized gold because they thought that the
discoveries of gold in California would make it too
abundant. And a leading financial periodical in
London is now advocating the restriction of gold
coinage. Where will this demonetization end?
Will the Shylocks de mand diamonds?
The New York Tribune says ''the world never
had as much money as now." True; never has
there been so many people. So many needs for
money. So many debts to pay as now. Never
was money congested in banks, or an unusual
call for money attended with such serious results.
Yet it and other great papers would deny to one-
half the world's money the power to pay debts,
and thus continue depression of business and con-
gestion of money. Idle money is useless, and dull
business can neither borrow or pay interest.
This is why interest is low in all gold coun-
tries. The profits on business are so low and stag-
nation usually so great it can pay but a very low
MAN AND MAMMON.
THE RESTORATION OF SILVER THE ONLY HOPE OF
The gold advocates say the restoration of sil-
ver will bankrupt the country. This is untrue, it is
its only hope of prosperity. The gold standard
has already accomplished that sad result. It is a
well known fact that after the bankers' panic of
1893 force the repeal of the Sherman law, and
its repeal that completed silver's demonetization it
was estimated that over half the indebtedness in
the United States was in default, and half its rail-
roads in the hands of receivers. And we have had
bankruptcy, panic and semi-panic ever since.
Could free silver do worse? One railroad, the
Atchison, Topeka & Santa Fe, whose construction
cost almost $360,000,000, was sold for #60,000,000,
a loss of $300,000,000. This is one of many simi-
lar instances. Of course the big fish eat up the
little ones. The big rich gobbled the small fry
stock and bondholders. Another sample of a peo-
ple's government legislating the wealth of the
MAN AND MAMMON. 53
many into the hands of the few. And still an in-
dignant people cry, "How long! Oh Lord! how
HONEST MONEY GOLD THE MOST DISHONEST.
And Still the usurer shouts honest money—
''sound money.'' What is sound money — honest
money? It is a money that does not fluctuate in
value. A money that rises in value or purchasing
power is just as dishonest as that which falls in
value, but its effects are more ruinous as it bene-
fits the few and injures the many.
Therefore, the present gold dollar is the piost
dishonest dollar in all the world's history. Be-
cause it *^ reaps where it has not sown, and gathers
where it has not strewn." It takes a moiety from
every man that it has not earned, and adds an in-
crement to every note, bond or mortgage which
was not in the contract. It does not smile alike
upon the debtor and creditor. It is too smooth for
the horny hand of the laborer.
It has stricken the arm of toil as with palsy,
and the people as with the curse of penury.
It has forced our erstwhile rich, proud and
prosperous nation in times of peace and abund-
ance, in about eighteen months, to issue bonds to
buy gold and go in debt, principal and interest,
54 MAN AND MAMMON.
about $550,000,000. A hundred million dollars
more than all the gold in the United States. Could
free silver do worse? Could honest money pro-
duce such a curse?
Mr. Carlisle says to remonetise silver will
drive about $620,000,000 of gold out of circulation.
But Mr. Carlisle forgot he was speaking in 1896,
and that in a few years we have lost, as the bureau
of statistics of his own department shows, |i8i,-
610,243, gold lost by excess of exportation.
That by his own showing we have only $404,557,-
863 of gold in the United States.
About one-half of this is reserve in the vaults
of the banks, and one-fourth reserve of the govern-
ment. It is thus plain there is not and has not
been generally fifty million dollars in gold in act-
COULD " SOUND " MONEY PRODUCE SUCH A CURSE?
This, too, after paying almost three billions
dollars interest on bonds in order to get to specie
payment. And with silver stricken down, specie
payment means less than fifty millions dollars in
gold in general use as money and part of the time
none at all. What a mess of potage for a birth-
Great God! what billions for a name! What a
MAN AND MAMMON. 55
flow of wealth to pamper avarice! What costly in-
cense to burn on the altar of Mammon! What a
hecatome of wealth and blood and misery, bank-
ruptcy and crime to preserve the accursed slavery
It appalls the imagination and fires the soul
of freemen to remember that the little handful of
gold we are struggling for and keep locked up has
cost us almost four billion in money — five times
that in shrinkage and loss of property, not count-
ing the toil and life and bankruptcy of thousands.
For what? For specie payment? What is specie
payment? Under our present system it is a hand-
ful of gold for the rich to juggle with to destroy
the prosperity of the people.
It has cost us five times the value of all the gold
in the world to get gold^and yet virtually we have no
gold! What a paradox and a crime! Oh! that the
insanity of gold should make slaves or demons of
But the gold advocates say we must continue
this sacrifice to Mammon or we will lose our gold
and be flooded with silver. We say the loss of our
gold will hurt us less than to struggle for it, and
lose everything else. It has already cost us bil-
lions for naught. What we have does little good,
for it is hoarded dead wealth, and does not enter
56 MAN AND MAMMON,
into commerce. So little of it is used as currency
its loss will not be felt, and those who have it will
not part with it unless it is for something else they
would rather have. So there will be no loss of
wealth to the country.
MAN AND MAMMON.
NO DANGER OF A SILVER FLOOD.
As to flooding the country with silver there is
no danger of that. All the silver in the world is
said to make a cube of only sixty-six feet, and it
could all be stored in the basement of the treasury
building at Washington, and have room for almost
as much more. Besides, no country has a surplus
of silver; there is no large amount of silver bullion
in the world outside of the United States treasury.
No nation can spare any large amount of silver.
If we get more silver it will be in exchange for some-
thing we would rather have, and we would be the
richer on account of it.
Our farmers would gladly exchange their sur-
plus products and our manufacturers their surplus
goods for it, and at better prices.
This would set the furnaces to burnino- the
spindles to whirling, the spade and plow and loom
to moving — and this would be commerce, business,
activity and prosperity,
But they say we would have a debased cur-
rency. This is untrue, standard silver never was
58 MAN AND MAMMON.
But they say we would have a debased cur-
As before stated, ^old is so little in general
use as currency, and is hid so quickly when most
needed it scarcely deservee the name of currency.
And when so used is often a delusion and a snare.
WE CAN HAVE TWO STANDARDS.
But they say we can not have two standard.
This is false. There can and must be as many
standards as there are kinds of metal money. They
say that we can have but one bushel measure — one
yardstick — and gold is that measure or yardsticks.
This is absurd. You don't pay in bushel measures
or yard sticks. There are as many kinds of meas-
ures of value^ or yardsticks, as there are kinds of
metal money. This rule also a'-.plies to ar-
ticles of commerce. Coon skins in the west used
to be a measure of value and means of exchange.
The value of wheat may be measured in corn and
so on through all the articles of commerce.
The law makes the yardstick or fiat value of all
money, and there must be as many kinds as there
are kinds of metal money.
They say why not make money out of iron or
This may be answered by asking why not
make diamonds out of glass beads, or pearls out of
MAN AND MAMMON. 59
grains of sand? Of course it might be possible,
but not likely, and they do not accord in use and
value. It is true Lycurgus banished all gold and
silver from Sparta and made iron its only money.
This created a great race of soldiers and patriots,
whose courage was the wonder of the world, be-
cause it banished the avarice and arrogance of
riches, But to put iron and copper on an equality
with silver and gold, the precious metals — the twin
money metals of the world — would be an absurdity,
and does not accord with ' 'the eternal fitness of
things. " With two great money metals there should
be a double standard, anything else is monetary
GOLD* HAS NO INTRINSIC VALUE.
Again they say gold has an intrinsic value,
and a gold dollar has a dollar's worth of intrinsic
value in it because it has 25.8 grains of gold in it.
Another falacy: Iron, copper, zinc and lead have
more intrinsic value than gold, because they are
more useful to mankind. Mankind could spare
gold much better than these useful metals. Gold
is useless except for vain ornament or delusive
money. There is no intrinsic value in a gold dol-
6o MAN AND MAMMON.
Its value consists in a fiat value fixed by law,
and accepted by the world. Silver, if as generally
sustained by law, would maintain equal fiat value
with gold; and gold, if restricted in coinage and
value by law, would depreciate as silver has done,
commercial value follows the legal or fiat value of
money, and there is no such thing as intrinsic
value in either metal.
The delusive argument that a gold dollar is a
sound dollar, or an honest dollar, because of its
supposed intrinsic value comes to naught. Take
away the legal fiat value and all that twaddle about
intrinsic value goes with it. It would then fluctu-
ate like any commodity of commerce dependent
upon supply and demand.
In proof that the legal fiat value controls and
fixes the value and ratio of money, from 1492 to
1700 the ratio between gold and silver was only
10^2 to I, and that prevailed the world over be-
cause the laws of Spain fixed that ratio, and she
was deemed a first class nation.
Thus for over 200 years in modern times this
so-called intrinsic value of gold was less than two-
thirds its present value. And in Rome, in 58 B. C,
it was 8.93 to I, because the laws of Rome fixed
that ratio of value. This was when there was twice
as much silver as gold in the world, and demon-
MAN AND MAMMON.
strates the fact that increased production has no
effect on the value of ^old and silver as long as
there is an unlimited demand. As there has al-
ways been and is always likely to be an unlimited
demand for these metals, there can be no over-
production and no falling in value on that account.
Thus, when there was twice as much silver as
gold, silver was high and gold was cheap, 8. 93 to
I, and loj^ to i, now they are about equal, and
gold is dear and silver is cheap. Why? Because
the law favors gold and restricts and depreciates
silver. Intrinsic value has nothing to do with the
To illustrate again" there is $84,000,000 of the
Bank of England notes that is pure fiat money,
created by an act of parliament. The law upholds
it and makes it as good as any other money, and
yet it is only a piece of paper and has no intrinsic
MAN AND MAMMON.
A FIFTY-CENT DOLLAR CAN BE LEGISLATED INTO A
ONE HUNDRED CENT DOLLAR.
The gold advocates say they cannot legislate
a 50-cent dollar into a loo-cent dollar. Well,
that is untrue also. If a 50-cent silver dollar now
passes for a loo-cent dollar as they claim, then the
thing is already done, and they are simply trying
to deny in one way what they assert is true in an-
If you can legislate six dollars more into an
ounce of gold, and eight dollars more into 16 ounces
of silver as has been done by Spain and Rome, or
legislate 200 cents purchasing power into a dollar
in gold as now exists, then the other is not diffi-
cult. In all these changes commerce had little or
nothing to do with the matter — it was simply a mat-
ter of legislation. Lycurgus banished gold and
silver from Sparta and made iron their only money
for 200 years; now iron was not used for money
by any other nation, yet iron was worth in Sparta
just what the law said it was worth.
MAN AND MAMMON. 65
Our present financial legislation, by favoring
gold, depresses the so-called commercial value of
siver, yet as silver goes down property and
products go down, and the so-called 50-cent dollar
buys 100 cents worth of all the forty-four articles
of commerce, and just as much as it did twenty
or thirty years ago, or ever did, while a gold dol-
lar buys two dollars worth.
This is almost entirely the result of discrimi-
nating legislation — commerce simply following the
bent of legislation.
Occasionally the gold men unwillingly admit
that legislation affects the value of money as well
as everything else.
Congressman Josiah Patterson, the recog-
nized champion of the gold standard, in his speech
at Kansas City March 17, 1896, reported in The
Times, said: ^'The purchasing power of the sil-
ver dollar is not regulated by the commercial value
of the substance that composes it, but is held on a
parity by legal devices. For instance, if you were
to try the gold and the silver dollar by fire, you would
find that the gold dollar, when melted, would have
a value exactly equal to to its purchasing powers
when it was in the form of a coin, whereas, if you
melted the silver dollar, the bullion would be worth
only fifty-three cents, and would fall forty-seven
MAN AND MAMMON.
cents short of its purchasing power in the form of
money. Now, why is this? - It is because we have
no free and unlimited coinage of silver. "
So a gold standard advocate admits that the
reason the silver in a silver dollar, when in the
form of bullioh is not worth a dollar ' 'is because
we do 7iot have free arid unlimited coinage of sil-
ver, ' '
He admits that silver has been depreciated
through legislation. Just what all bi-metallists
have always claimed, but which gold advocates
have heretofore denied. The old adage applies:
''give a calf sufficient rope and it will hang itself.''
— give a gold man time and he will sometimes ad-
mit the truth and show the iolly of his position.
These gold men are continuous and persistent in
calling the present silver dollar a fifty-cent dollar,
yet if it is so they made it so, as Mr. Patterson
states, "by denying it free and unlimited coinage."
They should cease this cry of fifty-cent dollar, and
if they do not, every free silver man should answer
them: 'Tf it is a fifty-cent dollar you gold men
made it so. You denied it admission to the mints,
and now you call attention to your own crime.
You should be ashamed of your own villiany and
cease to abuse the victim of your treachery for the
benefit of plutocratic greed.''
MAN AND MAMMON.
A DISHONEST ARGUMENT.
They say the price of silver bullion since it
was demonetized has decreased until it is worth
only about half what it was when struck down by
unfriendly legislation. If true, it is a dishonest
attempt to take advantage of their own wrong,
which is not permitted in equity. This is the ar-
gument of a ruffian who knocks a man down and
maims him, and then refuses to make reparation
because the man is not as strong as he was before
Let us illustrate this in another way. Wheat
has been used for bread, like silver has been used
for money from time immemorial. Suppose
Congress should pass a law that wheat should not
be used for bread. Thereupon, the principal use
of wheat being taken away wheat falls one-half in
price. Afterwards the people begin to starve and
clamor for bread. What kind of base logic would
it be for those who procured the law and cornered
all the other provisions to say: ''They must starve
because wheat is too cheap and the other provis-
ions are too high. It is absurd to give them
wheat because it has fallen one-half since they used
it for bread.''
Yet this is the stock argument of the gold ad-
MAN AND MAMMON.
vocates. "Silver is down/' they say; we knocked
it down by legislative blows, but we will not rein-
state it because it is only worth half what it was
when we knocked it down. The people need money,
but they must not have silver because it is too cheap.
Gold they cannot get, it is too high — therefore they
must do without. They must starve, beg, become
criminals or tramps.''
Oh! the cold-blooded dishonesty of such an
argument; the ghastly selfishness of such reason-
ing and such hypocricy !
WHY FAVOR THE GOLD MINER AND OPPRESS THE
The opponents of silver say why should the
government favor the silver mine owner ? We
answer, why should the gold mine owner alone be
the favored object of the government's partiality
and munificence? Why is gold the pampered idol
of class legislation. It is this truckling extreme
idolatry to gold and its owners that m^kes mankind
curse its slavery. Fairness, equality and justice is
what all the world desires. No man objects to
gold as gold, or wealth and riches within them-
selves. Thank heaven! there are many noble rich
men, and I honor them. It is the idolatry of gold
— the arrogance of wealth that is to be deplored.
MAN AND MAMMON.
But why should we not favor silver and silver
mine owners as well as gold and gold mine own-
ers? Silver is one of our greatest products. We
produce more of it than all the rest of the world
besides. Should we not protect our own greatest
products? It is our interest and duty to do so. Al!
other countries in all ages have.
When Rome owned the mines of the world
she fixed the ratio at 8.93 to i. Spain, when she
owned the great silver mines of America, held sil-
ver up and made the ratio to^^ to i. Are we the
only financial idiots and cowards the world has ever
MAN AND MAMMON.
CAN THE UNITED STATES ALONE HOLD SILVER UP?
Again they say, can the the United States re-
store silver and hold it up at i6 to i here and the
world over? Certainly it can, and do it easy, in my
opinion. Did not France hold it up all over the
world at 15^ to t three years after the other na-
tions had demonetized it?
We can do what she did, certainly. We have
ten times the territory , and about twice her wealth
and population. We can do what Rome and Spain
did. We have more wealth and more power than
they ever had.
The commission appointed by the British Par-
liament in 1887, to investigate the cause of the
fluctuation in value between gold and silver, re-
ported: "That as long as any first class nation
kept its mints open to the admission of silver, sil-
ver maintained its par value with gold at 15 to i
the world over."
It instanced France, and said that no person
owning silver the world over would take less than
its coin value in the mints of France.
MAN AND MAMMON. 71
This is the condensed substance of the report
of hard-headed ^old standard Englishmen, who
had no motive to misrepresent or deceive.
We are certainly a first class nation, and can
uphold silver in our own interest, and when other
nations see we have the courage of our convictions,
and know how to protect our own interests, they
will follow our example and restore silver as stand-
ard money the world over. This is the opinion of
Cernuschi, Mr. Moreton, Frewen and others of the
most celebrated European bi-metallists. They do
not hesitate any longer in advising independent
action on our part, because of the great delay in
securing international action. And they believe
we can thus cause the other nations to speedily
Another reason why we could hold silver up to
ts present ratio is because we have $76,037,000,-
000 of the best property on earth subject to taxation,
which is a first lien thereon, which amount of prop-
erty would hold up four billions of silver if neces-
sary, though it would not have half that amount to
take care of.
Besides, as the silver dollar restored would be
standard money, and full legal tender for debts, it
would not need to be held up, but would be quickly
absorbed in new vitalized business activities^ **and
72 MAN AND MAMMON.
bless him that giveth and him that receiveth,'' and
continue its career of beneficence.
THE HONOR AND CREDIT OF THE GOVERNMENT NOT
We all agree that the honor and credit of the
United States must be preserved. This is not a
party question, neither is it a debatable question.
We have heard much from the opponents of
silver about the honor of the government. They
put it in flaming lines at the head of metropolitan
papers, they cable from Paris, ^*No compromise
with dishonor. Of course not. Who said any-
thing about dishonoring the government?
Ah! it is the old trick of the real thief crying:
''Stop, thief! stop, thief!!" to mislead his pursuers.
''It is the voice of Jacob, but the hand of Esau."
This same Esau that has been robbing the na-
tion and trampling on its laws for decades, like
the Irishman when the judge assured him he
should have justice, who replied^ "Sure, your hon-
or, it is that that I am afraid of.
MAxNT AND MAMMON. 73
Let the most fastidious conscience rest at ease.
Let the honest man and patriot "sleep the sleep of
the just/' for the government's honor is not in-
volved in this question.
It is a pity to stop the anxious tears of these
over-fed presidents of trusts and s}^ndicates. But
it is true. I recently remarked to two of them who
were shouting dishonor: "All the money and
bonds of the government are payable in coin."
**But that means gold," shouted the bond-holders
*'Ah! but does it? Th(i bonds were issued
before silver was demonetized. They vrere all
payable in coin and the unit of value up to 1873,
was the present silver dollar. They were all is-
sued prior to that time. The benefit or value re-
ceived was in silver, the contract price was silver
or greenbacks, which were not so good. Can any
dishonor or discredit arise from paying in the same
standard as we received from our creditors, and
accordmg to the contract?"
''But times have changed," said they, "money
is dearer, silver is down." ''No," I answered,
"Silver will buy more than ever it would. While
the gold dollar you did not pay, but now claim,
will buy two dollars worth of anything. Now, do
you claim that you bond-holders are privileged
74 MAN AND MAMMON
aristocrats and should have better money than you
paid, and better than the contract calls for? If
you do prepare for reminiscences. Do you remem-
ber that you received your bonds for g^reenbacks
you got at fifty cents on the dollar, when there was
neither gold or silver in circulation. And you have
received interest in gold which the contract did not
call for. Now you want 200-cent dollars in gold.
And if the government don't pay you in gold you
think the government dishonored?"
"Yes we do!" they answered.
' *My opinion," I replied^ "is that if the gov-
ernment paid you in gold it would then dishonor
itself^ and you would be the recipient of stolen
property, and ought to be prosecuted for a com-
''Well/' they replied with some warmth,
* 'gold is the standard now, and we want gold, we
expected the government to pay us gold.''
THE STANLEY MATTHEWS RESOLUTION.
^ 'No, you did not, " I replied with some
warmth also. "If you know anything you know
the government, before specie payment was re-
sumed on January 28, 1873, gave notice by legis-
lative action that all her bonds were payable in the
present silver -dollar. Here is the language of the
MAN AND MAMMON. 75
Stanley Matthews concurrent resolution passed by
the United States Senate^ January 25, and by the
House, January 28, 1878: 'That all the bonds of
the United States issued or authorized to be issued
under the said acts of Congress, hereinbefore re-
cited, are payable, principal and interest, at the
option of the government of the United States, in
silver dollars of the coinage of the United States
containing 41 2 grains each of standard silver; and
that to restore to its coinage such silver coins as a
legal tender in payment of said bonds^ principal
and interest, is not in violation of the public faith,
nor in derogation of the rights of the public cred-
"Well, Mr. Bondholder, what do you say to
that?" They were somewhat startled and exam-
ined the law closely. Then one of them remarked,
"Why, that old law, I had forgotten all about it.
That does settle it, the United States did serve
notice on all the world that all her bonds were
payable in the present silver dollar almost twenty
years ago, and before resumption of specie pay-
ment. How did that slip my mind?"
' 'Perhaps it is easy to forget that which it is
unpleasant to remember/' I replied. ''But you
did not forget to shriek dishonor against the gov-
ernment, when the governments honor is not in-
76 MAN AND MAMMON.
volved. Now acknowledge the truth that the
United States can pay all its bonds in silver dol-
lars, as it agreed to do, and no one has a right to
complain, and the honor and credit of the nation
is fully sustained. "
"It is true, very true,'' they answered. ''Now
answer another question, ' 'Would it not be a crime
against the people of the United States, and a dis-
honor and discredit to it to pay its bonds in gold
under the laws, and the facts that have existed,
and still exist?"
^ 'It would certainly show incompetency on the
part of the government, and that it did not have
sense enough to protect its own people. " They
answered slowly, then added, ''But what should it
do with the $262,000,000 bonds issued by Mr.
Cliveland?" they inquired.
"They come under the same law. They were
issued under the law providing for specie pay-
ment way back on January 14, 1875. This law was
obsolete and said bonds are, to say the least, of
doubtful validity, and the legality of their issue may
be questioned hereafter.
ABRAHAM LINCOLN'S POSITION.
"Now after our great national debt was con-
tracted, the government proceeded to draw in and
MAN AND MAMMON. 77
contract its currency, thus enhancing the value of
the bonds and the difficulty of securing money and'
paying them. Was this right?" I asked.
They answered: "That course certainly ben-
fitted the bonholders, but increased the burdens of
the people, who have to pay the bonds."
"Now you answer correctly," I said. *4t
was a crime against the people. Abraham Lin-
coln, always a friend of the people, said it was a
''heinous crime. " This is the language in which
he expressed himself:
'Tf a government contracted a debt with a cer-
tain amount of money in circulation, and then con-
tracted the money volume before the debt was
paid, it is the most heinous C7'ime that a govern-
ment could commit against the people.''
''Now, my friends, you were denouncing the
government awhile ago as being guilty of dishonor
if it paid its bonds and money in silver. Now you
have a great man who not only denounced the
payment of these bonds in gold as a crime, but
the contraction of the currency before they are
paid as a heinous crime against the people. So
you see that the government has already dishonor-
•ed itself to satisfy these avaricious cormorants, and
what they regard as honorable and honest, Mr.
78 MAN AND MAMMON.
Lincoln and all patriots regard as a dishonor and a
"Now, who are the the best judges of this
question, the greedy beneficiaries or the disinter-
They seemed very much crestfallen and an-
swered: "Well, Mr. Lincoln ought to have some
ideas of justice and honor, and we never before un-
N derstood the question or we would have said the
honor and credit of the government is not involved
in the free coinage of silver.''
"Silver might be restored tomorrow,'' I said,
"and no man could justly complain or cry injus.
tice or dishonor. Is not that true?''
'*It is,'' they answered. ''The government
has given ample notice from the beginning that
it will pay in the standard it received, according
to the contract, and in silver dollars.''
MAN AND MAMMON.
WHAT THE POLICY TO PRESERVE THE PARITY MEANS.
The gold advocates claim most unreasonable
things for that clause in the repeal of the Sherman
bill, which declares the policy of the government
to maintain ' 'the parity in value between the two
metals/' Their obtuseness is remarkable, having
all the wild-eyed insanity of the anarchist in the
extreme latitude of their claims and vagaries.
Some claim it binds the United States, or the
President, to issue untold millions of bonds to buy
gold to keep up the parity — or even call out the
army for that purpose.
One violent silver-hating metropolitan paper,
in an editorial claims that the honor of the nation
is pledged to indefinite millions of bond issues for
this purpose for all ages to come, and that if we
cease or falter, then are we dishonored, discredited
and damned. Gracious! it makes our patriotic
blood run cold to think what fearful things we are
bound to do, because of this little harmless speech
8o MAN AND MAMMON.
injected into the repeal of the Sherman Act by
Senator Voorhees, as a friendly concession to sil-
ver. Let us examine this act.
On November i, 1893, the Sherman bill was
repealed and the following clause was added:
"And it is hereby declared to be the policy of the
United States to continue the use of gold and sil-
ver as standard money^ and to coin both gold and
silver into money of equal intrinsic and exchang-
able value, such equality to be secured thVough in-
ternational agreement, or by such safeguards of
legislation as will insure the maintainance of the
parity in the value of coins of the two metals, and
the equal power of every dollar at all times in the
markets, and in the payment of debts."
Is there any authority in this for issuing bonds
to buy gold to maintain the parity? On the con-
trary, is it not simply a declaration of mtention to
provide other safeguards of legislation to uphold
silver, and what other safeguard ^could have been
meant, in case of international agreement failing,
but the free and unlimited coinage of silver, so it
would have an equal chance in law with gold.
Declaring a policy or intention binds no one,
without another law authorizing the specific execu-
tion and enforcement of that intention, and how it
shall be carried out.
MAN AND MAMMON. 8i
So this does not authorize any action, nor ef-
fect the honor or credit of the government in any
The government may change its policy or in-
tention at any time, as often as agreeable, and no
one has any right to complain.
In fact, is it the high prerogative of each Con-
gress to declare any intention or policy a majority
It is said that Hades is paved with good in-
tentions, and legislative policies unless enacted in-
to law have no force and authority.
Howevei, as those possessed with the gold
lunacy have made such extravagantly wild claims
for this clause; they should not feel inconsolable
if the next Congress should carry out the policy
therein expressed and place those ^'safeguards of
legislation," that was doubtless in the mind of
Senator Voorhees, in case of no international
agreement having been secured, to- wit: ''the free
and unlimited coinage of silver at the present ratio,
so as to give it equal safeguards of legislation with
gold." So mote it be.
Any claim on account of this clause that it
would authorize the President or any one to do
anything whatever to preserve the parity, is a far-
fetched and untenable presumption. It would be
MAN AND MAMMON.
a blunder in accord with the present administra-
tion's course in issuing $262,000,000 bonds, under a
law obsolete for fifteen years, after claiming no au-
thority so to do for a year, and asking authority of
Congress, which was properly refused. Of course
those bonds were not issued by authority of law,
as any lawyer knows who has investigated the
question. It was an act of usurpation for which
both the President and Secretary of the Treasury
should have been impeached. This would likely
have resulted, but they were protected by the in-
fluence of the gold oligarchy in both parties. The
beneficiaries of the crime protected their agents.
A cursory glance will show these bonds issued
under the Act of January 14., 1875, providing for
the resumption of specie payments, and authoriz-
ing the secretary of the treasury to issue bonds and
buy gold and silver for that purpose, had fulfilled
its mission and become obsolete.
Specie payment had been an accomplished fact
for about fifteen years, and the law had consum-
mated the specific purpose for which it was cre-
ated^ thereupon its functions, power and authority
It is also not so clear but that it had been re-
pealed by other legislation pertaining to the sub-
MAN AND MAMMON.
But be both of these as they may, there is an-
other point which is, whether if in force, this law
conferred the authority to issue bonds when the
treasury contained about $500,000,000 of silver, a
sufficient amount of which was placed there by law
for the specific purpose of paying the 1136,000,000
treasury notes which were being redeemed.
SILVER COINAGE PROVIDED BY THE SHERMAN BILL.
Here is what the law says. The Act of July
14, 1890, known as the Sherman Act, section 3:
^ 'Section 3. That the secretary of the Treas-
ury shall each month coin 2,000,000 ounces of
the silver bullion purchased under the provisions
of this Act, into standard silver dollars until the
istday of July, 1891, and after that time he shall
coin of the silver btillion purchased uncler the pro-
visions of this Act as much as may be necessary to
provide for the redemption of the treasury notes
herein provided for, and any gain or seignorage
arising from such coinage shall be accounted for
and paid into the treasury."
The unconditional repeal Act of November i,
1893, simply repealed the provisions of the law au-
thorizing the purchase of silver bullion and the
issue of treasury notes in its payment. It did not
84 MAN AND MAMMON,
repeal any other part of the law of July 14, 1890,
but left it in full force and effect. Here is a direct
requirement of law that the $136,000,000 of treas-
ury certificates should be paid by the coinage of
the silver then in the treasury, for whose purchase
they had been issued, which, with the $53^000, 000 of
seignorage, amount to $189,000,000. This was
more than sufficient to pay any bond issue that has
been made and redeem all treasury notes and
greenbacks offered for redemption.
It does not require a lawyer to understand
that where the money was already provided and in
the vaults of the treasury specially to pay these
very certificates and obligations, and specifically
directed to be coined and used for that purpose,
that neither the president or secretary could, under
such circumstances, issue bonds and buy gold to
redeem these same obligations.
This would be absurd. The law of January
14, 1875, could have no application or authority in
such a case even if still in force.
It may be said in extenuation that this $189,-
000,000 of silver was not all coined. That is no
excuse, it was the duty of the secretary of the
treasury to have coined it, and he should have been
dismissed from office for misfeasance for not coin-
ing it. But this even is no excuse, the treasurer
MAN AND MAMMON. 85
had about 1300,000,000 of coined silver dollars in
the treasury which he could have put in the place
of bullion until he could coin it.
But further discussion of this question is use-
less, for while there is no legal obligation there is
a moral obligation to those who trusted the high
dignitaries of a great nation not believing them
capable of such gross malfeasance in office. But
it would make an indignant patriot's hair stand on
end with horror at the reckless violation of every
law for the protection of silver by those who are
its sworn executors, and the obsequious obeisence
to the gold oligarchy as they '^crook the pregnant
hinges of the knee that thrift may follow fawning.''
Oh! that they had possessed the courage and pa-
triotism of Andrew Jackson who, under like cir-
cumstances, defied the money power and protected
the people, who said, ''Mr. Biddle, you have too
much power, it is dangerous to a free country. "
Or, like Incorruptable Daniel Manning when, under
like circumstances the Shylock money changers
came, asked "What is the contract, coin? Then
you can have half silver and half gold, or if that is
not satisfactory, you can have all silver. The
right of option is with the government."
Had our once honored chief thus spoken the
gold jugglers would have returned to their masters
MAN AND MAMMON.
and patriotism would not have hid her face for
The baffled money schemers might have
sulked for a time and put a small premium on gold,
but that occurred notwitl>standing, for in order to
hurry the subservient trucklers at the head of the
government in their several issues of bonds they
boosted gold to a premium of one or two per cent
in New York, just previous to one or two bond
CHARLES Foster's order the only authority to
But where did they get authority to pay gold
on these obligations when the law expressly pro-
vided for their payment in silver, and the silver
was ready in the treasury to redeem them. There
was not and is not a law on any statute book or an
iota of authority anywhere for this damnable usur-
The following order by telegraph from Charles
Foster, secretary of the treasury under Harrison,
sent on October 14, 1891, is the only semblance or
pretence of authority for all this gold paying usur-
"October 14, 1891.
Phineas Pierce, 22 Summer Street, Boston, Mass.:
"Assistant Treasurer Kennerd has been instructed to redeem
treaeury notes in gold." Chas. Foster, Secretary.
Charge Department." %
MAN AND MAMMON. 89
This was the opening of Pandora's box, the
high tide and broad sweep of the plagues of
Egypt let loose on a long suffering people. What
right had Charles Foster, secretary, to set aside
the laws of Congress and legislate for this' nation?
What right had his successor to follow^ in his foot-
steps and confirm such high-handed usurpation ?
It was at the dictation of the gold power. The
first did it freely without reason or excuse. The
second was dazed by the insolence of entrenched
financial thuggery. And thus it has continued the
most unblushing, dastardly crime in all our history.
Without an apology or ^'by your leave,"' it has
beat down all the bulwarks of legislation and free-
dom, and trampled on the sacred rights of the con-
stitution and the people. Are our liberties safe
from such an unscrupulous power?
All these bonds have been issued and the gold
redemption has been going on in violation of the
Act of July 14, 1890, still in force on the statute
books, which says the secretary of the treasury
^^shall coin of the silver htdlion purchased under the
provisions of this act, as much as may be neces-
sary to provide for the redemption of the treasury
notes herein provided for.''
Observe the language of the law ''shall co 171
of the silver bullion as much as may be necessary
90 MAN AND MAMMON.
to provide for the redemption of the treasury
notes. " Could anything be plainer? And this is
still in force and is still ignored, violated and
trampled upon at the dictation of the gold power.
With this law in force, and ample silver outside of
the silver held to redeem the silver certificates to
pay any three issues of the bonds, and redeem
more than half ot all the outstanding greenbacks
and certificates, in violation of law and in the face
of Its express commands, the $262,000,000 of bonds
were issued. For what? In a supposed emer-
gency to prevent gold going to a premium.
Gold had gone to a premium many times be-
fore, here and in all countries. It was never be-
fore considered such a public calamity as to justify
the violation of all law to prevent it. From i860
to 1872 it was at a high premium and yet we had
most prosperous times during that period. Be-
sides was not 1262,000,000, aggregating principal
and interest about $550,000,000, a high premium
for the nation to pay for gold to hand over to
others without any obligation so to do? Remem-
ber the redemption of greenbacks and treasury
notes were clearly provided for and the funds in
the treasury for that purpose were ample. If this
had not been the case, still there was no law or
justification for such usurpation 'of power as was
MAN AND MAMMON. 91
never before known in our history. The prospect
of gold going to a premium was no excuse. Any
individual or combine may put gold to a premium
any day by offering a bonus for it, and no govern-
ment can prevent it.
It is the right of any citizen to give what he
pleases for what he wants, and gold is no excep-
tion; and no government has a right to prevent it,
or could do so with a standing army, only as it may
be done by law for the prevention of usury.
It may be that in time that quaint old relic of
financial barbarism maintained in deference to an-
tiquity, known as the redemption farce or delusion,
will pass into a state of "inocuous desuetude.''
It is a sort of fiction of law that turns the pyra-
mid of our finances on its apex to see it tumble
over every time there is a scramble. This farce
comedy is carried on not for the benefit of the mass
of its citizens, but to tickle the greedy palm of the
money changing Jews and brokers, who constitute
the financial pests of all nations.
The good citizen feels that his money has been
redeemed every time he pays a debt or buys some-
thing with it, and that it has fully accomplished its
A nation with 165,037,000, ooo worth of prop-
erty as security for its obligations ought to be con-
92 MAN AND MAMMON.
sidered better security than any promised system
of redemption, for it has twenty times the security
of all the gold in the world if it was bought and
piled up in the treasury.
Yet for the privilege of this absurdity we have
paid almost three billion dollars in interest on
bonds to get to specie payment with untold mil-
lions of loss and injury in other ways. And still
the lives, property and happiness of a great people
are subservient to this Molock oi gold — this jug-
gernaut of financial fanaticism.
And still we hear the senseless demigogic cry
of ^'sound money" and '^sound money men." It
may be that such men are like barrels, the empti-
est make the most sound. But the gold men have
the most appalling disregard for law known in the
history of this continent. For example, where is
the legal authority for locking up $100,000,000 of
gold in the treasury of the United States? No
wonder gold is scarce. A dangerous and costly
piece of folly, on a par with the rest of its lawless-
ness. It is a large bait for big fish, and for the
gold sharks to prey on and laugh at our silliness
and rash folly. No other nation has been so ab-
surd and ridiculous as to furnish gold to all the
world on demand by an endless chain of absurd
currency, and give no protection to their own treas-
MAN AND MAMMON.
ury and people. It makes One wonder if the fool-
killer will ever get through with the slaughter of
the gold cranks.
THE SINGLE STANDARD IS A DEFECTIVE FINANCIAL
Our currency should be of uniform value. It
should be abundant and elastic, and no part of it
a menace to the government.
At the present time our money is not uniform
in value, it is not sufficiently abundant, it is not
elastic, and a part of it is a menace to the govern-
There is no disputing these propositions.
They are admitted by all parties, and no middle
ground can be occupied on this important question
of currency that will result in prosperity to the
The object of money is to facilitate trade, to
lubricate the wheels of commerce and bring the
products of labor and the comforts and necessities
of life to every man^s door. The primitive custom
94 MAN AND MAMMON.
was for an individual to exchange the surplus pro-
ducts of his labor for the products that he needed
of another man's labor.
Money is the substitute for products. It is to
facilitate barter^ and is the world's adopted medium
of exchange. It must have a unit of value. This
unit might properly be represented in the great
staples of universal consumption — wheat, corn,
rice, sugar, cotton and manufactured articles — but
the objection to these and similar products is their
perishability and great bulk, while their substitute,
the medium of exchange, should be as nearly im-
perishable as possible and the least unwieldly.
The world has selected gold and silver as com-
ing nearest to these requirements. It is better to
have two commodities than one. Three or more
would be still better, as supply and demand are more
accurately represented in two or more than one.
Bimetalists favor the free, unlimited use of both
gold and silver as standard money.
Some object to silver as bulky and inconvenient
for use in large quantity.
Others object to gold as currency because it is
also bulky and difficult to keep in circulation. In
good times it lies uncalled for in bank vaults, in
hard times it is hid away and locked up. In either
case it is of little use as currency. Another very
MAf^ AND MAMMON. 95
great objection to gold as currency is that it largely
diminishes in value by wear from much handling.
In large transactions the deficiency in weight must
be made good. It is estimated that if our present
stock of gold was all in circulation in coin, the loss
from abrasion would be more than $2,000,000 per
Gold coin will not circulate in large quantities.
Few people will carry it in their pockets, and fewer
still will use it in their ordinary daily purchases.
They prefer s Iver for small purchases, and paper
money for larger transactions. So universal is the
custom that no one expects to use gold or see it
used as currency in ordinary daily transactions.
Gold is not needed as currency, is not a special
currency, and is not generally used as currency in
this or any other country except England, and
there only among the rich and well-to-do.
So true is this in this country that the United
States, for convenience, has issued gold coin cer-
tificates. Banks also issue gold coin certificates.
And thus gold seems, by universal custom and con-
sent, to be regarded as a metallic reserve — a me-
tallic basis for currency — or large metal wealth in
small bulk for transfer or conversion into other
forms of wealth. This is plain from the banks hold-
ing $184,000,000 reserve in gold, and the govern-
96 MAN AND MAMMON.
ment holding $100,000,000. These two items above
show almost two-thirds the gold locked up in two
places. This being the case, why should the gold
advocates distress the country by their great noise
and ''hue and cry'^ about the restoration of silver
driving gold out of circulation?
And where is the loss to the country? We
only increase the circulation and use of silver by bi-
metalism without impairing or affecting the pres-
ent use of gold. The country is then not only un-
injured financially, but is improved and made richer
and more prosperous in proportion to the additional
use of silver.
And as we are large silver producers — the
largest in the world — we should utilize and protect
this natural wealth to enrich our people and nation.
All other nations hav^e done so. For example,
Spain, when she virtually owned all the silver mines
- of America and the world, put the ratio between
gold and silver at 10^ to i, and upheld and sus-
tained her great silver product. Rome did the
same when she ruled the world and owned all the
known silver mines. She fixed the ratio between
gold and silver at 8.93 to i. This was when there
was twice as much silver as gold in the world.
This is a matter of history, and shows how other
nations protected their own interest. And the re-
sult was that during the time these silver mines
MAN AND MAMMON, * 97
were thus protected and worked, it was the period
of their greatest growth and prosperity. And it is
a fact that the increased production of silver has
marked the high tide in the prosperity of every
nation in the history of the world, our ~own in-
It is our duty to use all the products of nature
and labor at our command to increase the pros-
perity and happiness of our people.
If the restoration of silver will increase its
value and usefulness as money, and prevent the
struggle for gold, stop the present stagnation in
business and increase the wealth of our nation,
why should any citizen be deterred from favoring
its restoration by reason of the alleged claim that
it would drive gold out of circulation, when the
fact is gold is already largely out of circulation,
and never was in general circulation?
If retaining the present gold standard will
force the necessity of drawing in, and redeeming
the $500,000,000 greenbacks and treasury notes,
which all gold standard men claim, how much bet-
ter off would we be to have, say, $500^000,000 in
gold in supposed circulation, or have the $500^000,-
000 greenbacks and treasury notes taken out of
circulation and paid off by bonds costing us $20,-
000,0000 a year interest for an indefinite period?
98 MAN AND MAMMON.
This is the real question to be considered by
the gold advocates, the free silver men have long
since made up their minds that free silver is not
only preferable but the only solution of our chaotic
What surprises any thoughtful patriotic man
is the inconsistency of the gold advocates.
They say to restore silver will drive the gold
out of circulation, and this loss in circulation they
say will bring distress and bankruptcy, but at the
same time they admit that in order to retain their pet
gold in circulation, or supposed circulation, they
must cut down the circulation of more useful money
fully as much as the whole amount of gold in the
Now, where is their consistency? They ob-
ject to cutting down the supposed circulation of
gold, because it will distress the country, and im-
mediately advocate a greater reduction, still more
distressing, in order to retain the gold, and their
unpatriotic selfishness would force the government
to pay $20,000,000 interest yearly to accomplish
this reduction of currency with all its disastrous
consequences to business.
Their idolatry of gold is amazing. To keep a
few millions in supposed circulation, they would
destroy one-half the currency of the nation, bring
MAN AND MAMMON. 99
ruin and distress, which they admit as a result,
and pay a bonus of |20, 000,000 per annum for the
privilege of bringing such wreck and ruin.
Marvelous idolators, these millionaire gold
No wonder so many of them belong to that
nation who were the original worshipers of the
The money changers whom Christ scourged
from the temple with his whip of cords were gems
of perfection by the side of the present worshipers
They advocate the redemption ofthe|500, -
000,000 of greenbacks and treasury notes, when
the people are impoverished for money, and they
know it is deliberate financial murder.
They seem to regard the #20,000,000 of an-
nual interest as a mere bagatelle so long as it is in
their interest. They admit that it is but the begin-
ning of the endless chain that will include all our
billion of currency, with $40,000,000 annual inter-
est. But what of this — all — everything must be
immolated on this altar of gold, and be crushed by
this juggernaut of gold lunacy.
Tell them they are bankrupting the country,
and they answer: ''You are a repudiationist.
Tell them they are crushing the energies of the
TOO MAN AND MAMMON.
nation and perpetuating a national debt for a name
— for a hollow mockery to plague this and future
generations, they cry^ ' 'Anarchist! Populist ! Silver
craze/' and a jargon about "sound" money, "hon-
est'' money. A man so heartless and cold-blooded
would almost murder his grandmother and convert
her bones into toothpicks. Then they wind up
with a shriek, charging silver agitation as the cause
-of all our troubles.
AGITATION HURTFUL TO THE GOLD STANDARD
BECAUSE A WEAK SYSTEM.
If agitation is hurtful to the gold standard, it
shows a very weak and inefficient financial system.
If it cannot stand discussion, then it is doomed.
It is by discussion that men reason together and
ascertain the truth, and it is a fact the single gold
standard will not bear investigation. It is unfair,
unjust and dangerous. It is like Ephraim, ' 'a cake
not turned." Agitation for more money ought
to make times better. Then, under the gold
standard, the more currency you have the more
likely the inverted financial pyramid will topple
Gold is the most cowardly money on earth.
This is proven by history, for when Peru had no
law for its protection, it passed dollar for dollar
MAN AND MAMMON. loi
with silver, and because it was abundant Pizaro
and his men paid $350 in gold for a pair of shoes,
$445 for a bottle of wine, and $29,000 for a horse.
This shows that gold, when abundant and unpro-
tected by law, may depreciate like greenbacks or
WHY WE SHOULD RETAIN THE RATIO OF 1 6 TO I.
All parties agree that the United States should
restore bimetalism, or the free, unlimited coinage
of gold and silver. But there is a difference of
opinion as to two points. These are the fixing
of ratio, and the question of waiting for the aid or
consent of other nations.
We believe the present ratio of i6 to i should
be retained as the just and proper ratio, for the fol-
First. Because it is the present ratio, and the
highest in the world in ancient or modern times,
and because it has maintained its par value with
gold at this ratio or less for more than two thous-
and years, and as far back as we have any historic
MAN AND MAMMON.
record, and during a large part of this time it com-
manded a premium over gold at that ratio. This
was when it had something like a fair chance with
gold, and before its enemies had conspired against
and partially destroyed it by unfavorable legisla-
Second. Because to change the ratio would
require the re-coinage of all the silver money in the
United States, which would cause great expense
Third. Because it was the unit of value and
the standard money of the contract at the time our
bonds were issued, and the specific money required
for their payment.
To change the ratio now would be to change
the contract for the payment of almost a billion
and a quarter dollars indebtedness of our nation,
and untold millions of indebtedness of our people.
If we increased the ratio it would be an unjust
burden to our nation and people for the unjust ben-
efit of the bondholders and money loaners. We
cannot decrease the ratio, for that would be unjust
to the bondholders, and they could justly cry un-
fairness and dishonor. So there is no honest or
just way in which the ratio can be changed. This
ought to be a sufficient answer.
Fourth. There is the further reason that the
nation has given legislative force and construction,
MAN AND MAMMON. 103
and specific provisions and authority for the pay-
ment of said bonds in the present silver dollar of
41 2 grains of standard silver, by the Stanley
Mathews' concurrent resolution of June 25 and 28,
1878, before referred to, which says: *'A11 the
bonds of the United States issued, or authorized to
be issued, under the said act of Congress hereto-
fore recited^ are payable, principle and interest^ at
the option of the government of the United States
in silver dollars of the coinage of the United States,
containing 412^ grains each or standard silver."
So to change this ratio would be to be disregard,
trample on and overturn our whole system of laws
and contracts for over thirty years.
As the ratio is thus fixed by laws and contracts
of long standing, this ratio is the only just, equita-
table and legal ratio that is or can be established.
Therefore the man who is not for the ratio of
16 to I is for no ratio, and is not for silver at all.
He is both unreasonable and unjust, and a finan-
16 TO I THE ONLY JUST AND LEGAL RATIO.
Gold advocates see injustice in this position ; be-
cause, as they claim, the commercial ratio between
gold and silver is 30 to i. Suppose that it is true
that silver is only worth half what it was, does that
104 MAN AND MAMMON.
change the matter? Did the government agree to
keep silver at any particular market or bullion
Suppose you had bought wheat or cotton from
the government, and it had agreed to pay you
looo bushels of corn at some specific time in the
future? Suppose when the time came for payment
the corn was worth only half what it was when
contracted for? Would you expect, or demand, of
the government to raise the price of corn for your
special benefit? No one guarantees the non-
shrinkage of any kind of property in the future but
each one takes his chances. Everything else is
But the position taken by the gold men that
the commercial value of silver has fallen, I deny.
The commercial value of silver is what it will buy
of the articles of commerce. What they mean by
its commercial value is its bullion value as compar-
ed with gold. That is not its commercial value;
that is its purchasing power of gold. As gold is
only one of the forty-four articles of commerce
that is not a test of its commercial value. If it
will buy as much of the forty-four articles of com-
merce as it would before demonetized,then its com-
mercial value has not fallen.
By this test, which is the only true one, we
find the bullion in a silver dollar melted down will
MAN AND MAMMON. 105
buy as much of any or all of the articles of com-
merce as it would when the bonds were issued,
when demonetized, or that it ever would. A table
is appended, which shows the fifty-three cents of
bullion in a dollar will buy as much wheat, corn,
oats, rye, hay, cotton and all products as the same
amount of silver bullion when the bonds were is-
Take a few commodities for example: Wheat
that formerly brought ^i.oo and $1.25, now brings
only forty -five cents in the West. Corn that
brought forty to fifty cents, now brings fifteen to
twenty cents. Oats and hay about the same pro-
portion, and potatoes that brought forty to sixty
cents now only bring' fifteen to twenty-five cents.
Cotton that brought twenty to twenty- five cents,
now bring seven to ten cents, etc.
This ought to satisfy any man that while gold
has gone up, the commercial value of silver, or its
purchasing power, has not gone down and has
changed but little. And that silver has measured,
and still continues to measure, the value the of prod-
ucts of labor and land the world over.
That silver and not gold is the money of the
world^ and that gold is the standard, not of com-
merce, not of the world's products, but only the
standard of the millionaire bankers, and money
loaners of Europe and America.
MAN AND MAMMON.
THE EFFECT OF IMMEDIATE BI-METALISM BENEFICIAL.
As to international bi-metalism, Mr. Whitney,
in a recent letter urging the Democratic convention
not to commit itself to free silver, but wait for other
nations, laid great stress on the prospects of an in-
ternational agreement in the near future.
Senator Hoar is quoted as expressing, after a
talk in England with Balfour, and in Paris with M.
Meline, his hope of bringing about international
bimetalism, if the Republicans did not commit
themselves too unreservedly to the gold standard.
The effect of independent action by the Uni-
ted States in restoring silver has been recently dis-
cussed by the most noteworthy international bi-
metalists of Europe^ and their opinion is that in-
dependent free coinage of silver by the United
States would be beneficial.
The father of international bi-metalism, Cer-
nuschi, a few days before his death on May 13th,
in the Paris Economiste, wrote as follows:
An end should be put to the monetary an-
MAN AND MAMMON. 107
archy in which the world has been writhing since
1873. If I were a citizen of the United States,
and was convinced that Europe, by reason of En-
gland's attitude is fixedly hostile to a stable mone-
tary parity between gold and silver, then I would
cease to be an international bi-metalist and go over
to the silver men/^
"As a matter of fact, in its present economic
condition, the United States of America, that great
and youthful nation, suffers much more from the
merciless conflict that has been in progress between
gold and silver since 1873, than England, a very
wealthy country, creditor of the rest of the world,
possessing resources of every kind^ and enormous
financial reserves, which enables her to endure
with comparative ease the economic competition of
those nations whose monetary standard is depricia-
ted in regard to gold like the countries of the
far East, Mexico and the Argentine Republic,
EUROPEAN AUTHORITES FAVOR BI-METALISM.
^'The United States on the contrary are debt-
ors to Europe for a portion of the sums they have
employed in the development of their industrial
system, and must necessarily liquidate their debts
abroad by realizing upon the products of their soil
and their manufactures.
MAN AND MAMMON.
^ 'Now as these foreign debts are on the one
hand contracted in gold, and as the American pro-
ducts in Europe have to reckon with the depress-
ing competition of similar products exported by
countries having a silver standard or paper money,
it folloAvs that the appreciation of gold in regard to
silver that has taken place since 1873 has had a
two-fold result for the United States.
''First. It has diminished by half the value in
gold of all the national products which are subject
to the said competition.
•'Second. It has doubled the real burden of
the debts contracted abroad in gold, since double
the quantity of American products is now required
to discharge the annual liabilities arising from those
^ 'The present monetary policy of the United
States is consequently very advantageous to the
interests of England, a gold monometallic country,
but it is utterly ruinous as regards the foreign fin-
ancial relations of the United States, and especially
for its native producers.
"This is why, inasmuch as England's attitude
prevents the realization of international bimetalism,
and condemns one-half of the world to gold mono-
metalism, and the other to silver monometalism, I
would not hesitate, were I a citizen of the United
MAN AND MAMMON. 109
States to become — I. Cernuschi, the father of inter-
national bimetalism — as I am everywhere called — a
silver monometalist. "
Thus the father of international bi-metalism,
only a short time before his death, being entirely
disinterested, advised the United States to adopt
free silver in her own interest, and wait no longer.
He declared if he were a citizen of this country he
would become a silver monometalist. He further
says: ''The free coinage of silver at 16 to i with-
out the concurrence of Europe would nevertheless
be a step in the direction of international bi-metal-
ism. For the productive power of the United
States would receive so enormous an impulse,
and this development would have such a disastrous
effect upon the interests of England and the other
European nations now governed by the gold stand-
ard, that it may be confidentially predicted in ad-
vance that the course of events would force the
adoption of international bi-metalism as the only
true solution, even upon those who to-day deny
the possibility and efficacy of it."
That England does intend to prevent bi-metal-
ism here is the testimony of M. Des Essars, chief
of economics in the Bank of France, who recently
said: ^ 'The partisans of silver affect to believe
that Europe is about to rally to the support of free
no MAN AND MAMMON.
coinage. This is a delusion. The speech of M.
Hicks-Beach leaves no doubt as to the firm deter-
mination of England to maintain its existing mone-
tary system. "
MR. Cleveland's emissaries.
But there are those who claim that but for the
obstinacy of Mr. Cleveland and his gold-enslaving
administration, we would have had international bi-
metalism three years ago.
The B'nglish financier, Mr. Moreton Frewen,
in his London letter of June 17^ says:
'T affirm with strong conviction that the way
would have been prepared during the past three
years for an international settlernent of this great
difficulty, had it not been for just one man — your
*'Mr. Cleveland is paying the penalty for the
obstinate determination he has evinced throughout
to thrust your country^ in not merely a gold stand
ard, but the straightest gold monometalism.
^ ' Those of us who have been ardent workers
here for international bi-metalism, have found our-
selves at all points crossed and defeated by Mr.
Cleveland's actions and Mr. Cleveland's emissaries.
He sent Mr. Atkinson over here on a special mis-
sion to try and persicade those in the prese^it cabinet ^
MAN AND MAMMON. iii
such men as Mr. Chapin and Mr. Balfour, that
they were crayiks ; that the current leg-al tender of
the two metals was impracticable.
Mr. Balfour's difficulties within Lord Salis-
bury's cabinet were in any case very great. They
were made infinitely greater by the ridicule poured
upon currency reform by Mr. Ceveland, Mr. J.
Sterling Morton, Mr. Hoke Smith and others.
The speeches and absurd letters of these gentle-
men were six months ago to be found in many of
our daily papers.
" So impossible had become the position (and
in this connection I know of what I am writing) of
those members of our government who were
pledged to currency reform, because of the attitude
of the government at Washington, that last year
we, for the time, gave up the struggle.
I rejoice then in the revolt of the democratic
party, and I venture to say should that party suc-
ceed in electing a free silver president and congress,
before Mr. Cleveland goes out of the White House,
an international agreement will have been secured.
" The Rothschilds here, the wealth investors in
every capitol^ could not afford to sit still and see
your country go it alone. Europe will respond to
your spirited initiative. If the United States
pledges itself to immediate free coinage, I emphati-
112 MAN AND MAMMON.
cally believe that M. Meline, on behalf of France
will offer free mintage. We here are pledged to
re-open the Indian mints."
Thus another great European bi-metalist ad-
vises us to proceed to immediate bi-metalism, and
promises France and other countries will speedily
follow. He also distinctly charges the defeat of
international bi-metalism to Mr. Cleveland, and
says he sent Mr. Atkinson and others over thereto
persuade Mr. Balfour and Chapin of Salisbury's
cabinet, that they were cranks, because they fa-
vored this great financial reform in the interest of
freedom and humanity. Great God! could big-
gotted tyranny go further? Charles I, lost his
head for fewer crimes and violations of law.
President E. B. Andrews, of Brown Univer-
sity, commenting on Carnuschi's article, says in his
Boston letter of June 22: "The vast new output
of gold in recent years as compared with that of
silver, impresses me that the free coinage by us
alone, would not lead to the displacement of our
gold; that therefore free coinage would be safe.
If it is safe it is certainly desirable. I therefore
do not dogmatize but leave that to the gold
men. To my mind, however, the overwhelming
probability is that gold would stay with us. I
have noticed of late no serious argument to show
that it would not.
MAN AND MAMMON. 113
This is the opinion of a learned and conserva-
tive authority, and he favors immediate free silver,
and thinks we will not loose our ^old thereby.
And that the vast new output of gold in recent
years as compared with silver, '^favorsfree coinage
by us alone," and ''would not lead to displacement
of our gold," and free coinage would be safe.
Much more testimony of like import from the
highest authority could be adduced but space will
not permit, The whole world agrees with him
that if free silver is safe it is certainly desirable,
and the best authorities say it is sa'fe. Then why
not have it ? Will this great country and the world
allow a few millionaires to destroy its peace and
prosperity and keep them in financial anarchy?
MAN AND MAMMON,
ANDREW Jackson's fight with the united
The memorable controversy between Andrew
Jackson and the United States Bank constitute an
invaluable lesson to American citizens, as it shows
how subtle and unscrupulous are the methods of a
It shows there is such a thing as the money
power, and that the controlers of the nation's cur-
rency and credits constitute the money power.
The audacity of appropriating the use of such
words as "honest" to a dollar of a 200-cent pur-
chasing power, and honest or sound money men"
to those who are compelling the government and
people to pay debts in dollars of higher standard
value than was promised, shows a colossal disre-
gard of both honesty and truth.
It is said ''history repeats itself," and this is
true of the present fight between the people and
the money power; it is the repetition of the conflict
between President Jackson and the banks. Samuel
J. Tilden said ''the history of every nation which
w B B P o
o t3 a M a E
MAN AND MAMMON. 117
has enjoyed any portion of freedom is a record of
the incessant struggles of the few to establish do-
minion over the many."
Those interested in money seek to enhance
the purchasing value of dollars by making them
scarce, while the interests of producers and labor-
ers are best served by having dollars more plenti-
ful so that their products and labor will command
a better price. There is thus a continuous con-
flict of interests between these two classes in every
nation. But this conflict has been emphasized by
the demonetization in this country which has given
vast advantage to the monied class and enriched
them at the expense of the farmers^ producers and
laborers. The restoration of silver is the only way
to adjust this undue advantage and restore pros-
perity to all classes.
But to the story of Andrew Jackson's fight
with the money power led by Nicholas Biddle, the
money king of that day.
Sixty years ago there was but one great cor-
poration in the United States; that was the old
United States Bank with thirty-five million dollars
and a charter that expired in twenty years.
The money power of that generation was con-
centrated in that bank and its branch banks all
over the nation. Banks printed their own money
MAN AND MAMMON.
then and the law allowed them to circulate three
dollars in paper money to each one dollar of capi-
tal, with no restraint but their good faith, from cir-
culating one hundred dollars to one of capital.
Nicholas Biddle was president of the bank and the
head of the money power of that day. He was
not only a banker, but he was a scholar, an author,
a democrat and supported Jackson at his first elec-
tion. He lived in a marble palace on the banks of
the Delaware, fifteen miles from Philadelphia,
where he dispensed royal hopitality almost equal to
the kings of Europe. Many people thought him a
greater man than Jackson^ and people came fifty
miles when he passed through a town or city to see
*^the man that crushed Jackson." Jackson was
not crushed, but they were sure he would be with
such vast money power against him. The contest
came about in this way: Some time before the
bank charter expired Biddle called upon President
Jackson who was a candidate for re-election. To
impress him with his great power he told him that
through the influence of his banks he could control
the election of any state in the Union.
This stirred the fearless patriotism in Andrew
Jackson, and with suppressed emotion he said,
"Mr. Biddle, if that is true, and I think it is, I tell
you here and now, that if you can control the elec-
tion of any state in the Union, that is too much
MAN AND MAMMON. 119
power for one man to have in a free country in
time of peace. And I will tell you further, that if
you get a new charter from Congress for that bank,
by the eternal I will veto that charter !" Then the
fight began in earnest, and the great money king
and his allies set to work to defeat the re-election
of Jackson. The first thing they did was to buy
up all the great Democratic newspapers from Bos-
ton to New Orleans. They even bought Jackson's
home organ, the Washington Globe. The same
course pursued at present by the gold power to-
ward the people who demand the constitutional
restoration of silver.
When Jackson saw they were using the money
of the government to buy up newspapers, editors,
etc., he said to the secretary of the treasury, ''Mr.
Duane^ I don't want you to put any more govern-
ment money in that bank. It will blow up. The
money is not safe."
Mr. Duane was himself a banker and in sym-
pathy with the money power, and he said, *4 can't
obey that order. "
Then Jackson dismissed him from the cabinet
and put Roger B. Taney in his place, the man w^ho
afterwards became chief justice. Webster, Cal-
houn and Clay, called by Benton the defender of
Jackson, ''the great triumvirate," with all the
I20 MAN AND MAMMON.
machinations of the money power at their back,
made the combined assault on Jackson, and all their
^reat subsidized papers hurled their thunderbolts
of denunciation, abuse and misrepresentation.
Like their more recent imitators, they got up
' 'honest'' Democratic meetings, from one of which,
in Philadelphia, they sent a committee of three
hundred to Washington to expostulate with Jack-
son. One of them so far forgot himself as to say
that if Jackson persisted in his course the people
would rise up en masse and come to Washington
'to expell the Goths from Rome.' "
Jackson replied, '*Do you come here to threat-
en me? If you men dare to put any of your
threats into execution, by the great eternal I will
hang you as high as Haman."
Many of Jackson's old friends left him, which
was duly exploited in the subsidized press, and it
looked blue for ''Old Hickory" for a time. But
where one great banker left him four or five farm-
ers and mechanics took their place, and Jackson
was overwhelmingly elected, and the country saved
from the arrogance of the money power for a third
of a century.
Nicholas Biddle and his power is past and for-
gotten, his banks collapsed like egg-shells, but the
name of Andrew Jackson sends a thrill of pride
MAN AND MAMMON. 121
through every patriotic heart. And the contrast
between Jackson and our present chief who opened
the flood g-ates of ruin to the money power is too
sad for contemplation. May history continue to
repeat itself, and where the cause of bimetalism
and humanity loses one banker, may it gain five or
ten plain, honest citizens to take their place.
THE EASTERN AND WESTERN BANKER ON BI METALISM .
The gold advocates admit that the present sin-
gle Standard has brought distress and dissatisfac-
tion. Mark Hanna recently said ^'the workingmen
are not complaining (which is untrue), only the
farmer and debtor class are dissatisfied."
While speaking thus contemptuously of this
class, he forgets they constitute more than one-
half our population.
He also forgets that they have endured loss
and bankruptcy many years on account of this sin-
gle gold standard, whose infamies he is trying to
He seems to think with many others that only
122 MAN AND MAMMON.
the debtor class are for bi-metalism, for the pur-
pose, the gold men say, of paying their debts in
what they term a fifty- cent dollar.
This is a mistake. That reason has little in-
fluence with the great patriotic masses.
I will illustrate this by a conversation which
took place between an eastern and western banker
but a short time ago. An eastern banker said to a
western banker, who was visiting him in New
York City, and who had announced that he was a
free silver man .
*'You for free silver? Are you in debt?"
''No," answered the western banker.
'•I supposed none but those in debt were for
free silver," said the eastern banker.
^ 'Since you put it that way/" replied the west-
ern banker, '''do you know anything on earth as
much in debt as the banks? According to your ar-
gument they should all be for free silver."
"Weil, I declare, I never thought of that,"
answered the eastern banker.
"Well, I have," replied the western banker;
it is easy of explanation. It is that pure, cussed
selfishness that is incident to human nature. We
bankers do what no other people on earth do, wc
' 'live off of the interest of what we owe." We lend
the money we owe our depositors. Now, we are
MAN AND MAMMON. 123
often influenced by the selfish desire to lend our
depositors money at a high rate of interest, and in
order to do this we want a scarcity of money and
times a little hard. So we naturally try to bring
about this condition, which is favorable to making
INDEBTEDNESS OF THE BANKS.
"In Other words, since we live off of the inter-
est of what we owe, we want that interest as high
as possible — and thus avarice makes robbers of us
all, or nearly all, and we are apt to think others
influenced by the same sordid considerations."
"Oh, you are hard on us,'' said the eastern
''No, I want to call your attention to facts,"
*'Mr. Carlisle in his Chicago speech stated the
banks were in debt 15,353,000,000. This is two
and a half times all the money in the United States
— all kinds of money, which can only be repre-
sented by between four and five hundred millions
"How is it possible to pay with a constantly
decreasing currency and only a handful of gold in
"While we are quick to urge the government
124 MAN AND MAMMON.
to pay gold would we pay it to our customers on their
deposits? And if the government is bound to pay
the gold on its currency, why are we not bound to
pay on our national bank currency? The contract
and obligation are the same.
'^There is no more authority in law for any
holder of a greenback or treasury certificate to de-
mand gold from the United Sta es Treasury than
there is for a bank depositor to demand gold on
his certificate of deposit, or on a national bank
"You astonish me, can that be possible?'*
exclaimed the eastern man.
''That is not only true," he continued, ' *but
every dollar paid in gold by the government, ex-
cept a few gold certificates, is contrary to the
Acts of Congress, authorizing and providing for
their payment in silver. All the obligations of the
government are payable just like those of a bank
or individual in the lawful money^ coin or currency
ol the nation — not a word about gold, not a cin-
tilla of authority to pay gold. Therefore the pre-
sumption of the banks and brokers in demanding
gold is colossal nerve and overbearing arrogance,
and the gold thuggery that would force the Secre-
tary of the Treasury to comply with such demands
would overthrow constitutional government and
MAN AND MAMMON. 125
destroy the liberties of the nation. If the gold
power is so strong as to force this violation of law
and protect the high dignitaries who betray their
trust, then is our whole fabric of government in the
throes of destruction, and the money power that
has wrapped its arms like Samson around the pil-
lars of our national temple, like Samson will be
buried in its ruins. "
"Why you alarm me; I never thought it was
so serious as that. The government has been do-
ing these things, and I thought they ought to keep
it up, but did not know it was a violation of law,"
said the eastern banker with much agitation.
THE MONEY POWER THE MOST OPEN VIOLATERS OF
' 'Well, my friend, it is the most serious and dan-
gerous matter. You easterners denounce the West
and bi-metalists as repudiationists and anarchists,
and yet you not only encourage violation of law,
but demand it, and protect the criminals in high
places who violate law for your benefit. Are you
not the real anarchists? It is a fact that can not be
disputed, that every law for the protection of sil-
ver has been violated in the interest of gold, and
the Treasury raided contrary to law, for the benefit
of the gold power. Is not this anarchy? Take
MAN AND MAMMON.
one instance out of many, the failure and refusal
to coin the silver in the Treasury to redeem the
Treasury certificates of $136^000,000.
"This silver has been lying for years in the
Treasury uncoined, with the law in force requiring
its coinage to redeem these Treasury notes, and the
Treasury paying out gold and issuing bonds con-
trary to law, and you eastern people approving it
and clamorous for every violation of law in the in-
terest of gold. Oh, shame! where is thy blush?
' Yet you are the gems of perfection in your
complacent egotism. You have appropriated all
the honesty on the earth. There is none left for
the rest of the world. In fact^ there is hardly
enough to go around among you; you absorb it so
naturally like you do gold. Yet you have violated
more law and defended its violation in your inter-
est, more than all other classes in all the world."
Ah! you case-hardened compound of selfish-
ness! You should shake the gold dust from your
erring feet, and moisten it with the tears of sorrow
for the rich benighted people of the east whom you
have wrongly educated.''
This almost' took the eastern banker's breath
away, but he replied in a conciliatory tone: ''Oh!
you are excited. We are not so bad as that."
' 'You have exasperated the country beyond
MAN AND MAMMON. 127
measure, and its patriotic indignation is at fever
heat. ^' Continued the western banker: *'The peo-
ple have been patient for years, and petitioned and
entreated, but as the fearless orator of Nebraska
said in the Chicago conventionn: ''We will en-
treat no longer; we defy you." This is the shout
of battle, this is the bugle call to the charge from
the leader of forty million of people who will
have justice for humanity.''
THE PEOrLE WEST OF THE ALLEGHANIES TERRIBLY
"You seem terribly in earnest and put your
argument on a high plain, " responded the eastern
' 'The people west of the Alleghanies are terri-
bly in earnest, and regard this struggle for bi-met-
alism more than a mere financial question," he con
tinued, ''it is the cause of justice, humanity,
freedom and self government, against the thraldom
and slavery of the money power. It is *'the irre-
MAN AND MAMMON.
pressible conflict" that will not cease till the peo-
ple's wrongs are righted. It must come, and may-
come quickly. Prepare for it. It may hurt a few,
but it will benefit the many; and secure liberty and
prosperity for all in the near future."
' 'Do you believe it will be a blessing to the
country? We have been taught that western peo-
ple were anarchists and socialists," interrupted the
"We could not be both, for they are directly
opposites. An anarchist believes in no law and
all freedom; a socialist in all law and no freedom.
What astounds our western people is your absurd
assumptions on financial questions.
"You look wise, but most any farmer in Illi-
nois, Kansas or Missouri knows more about finance .
They could make you retreat all over a forty acre
wheat field on any proposition you could put up on
the money question. You have been wrongly educa-
ted. You have gone to Europe too often to know
anything about this country. You have been
taught by Morgan, Lazarus, Levy & Co., and
they know how to make fools of you, and fleece you
and the country out of millions.
''Samuel J. Tilden photographed you some
years ago when he said: *The ri:h concentrating
property by monopolies and perpetuities^ have es-
MAN AND MAMMON. 129
tablished an aristocracy more potent and oppress-
ive than any other that has ever existed. ' "
The eastern banker repHed somewhat nettled:
^^You overdraw the picture and are too extreme
in your statements/' ''Possibly, continued the
other, '*but see your position, because there are
large amounts of money locked up in the vaults,
you say there is too much money, when it is only a
congestion of money — too much in some places
and none at all in others, and you wonder why the
bi-metalists want to expand the currency. Your
obtuseness will not permit you to see that people
under the present system prefer to convert their
wealth into money and let it lay idle, rather than
invest it in commerce on a declining market, where
all products and values have been declming since
Men will not invest when there is no profit,
and business will not continue when it soon leads
to bankruptcy. Men will not own land or property
when their products will not pay the cost of pro-
' 'Take one example of many^ the official report
of the Illinois State Board of Agriculture for 1889,
exhibited the distressing fact that "the corn crop
of that state for that year actually sold for ten
millions dollars less than it cost to produce it.
i.^o MAN AND MAMMON. '
Corn and potatoes in the west today are selling at
I o cents a bushel and wheat about 30 cents, all other
products in proportion, which is less than cost of
production. Wheat has been fed to cattle, corn
used for fuel, and potatoes allowed to rot in the
ground because eight cents a bushel would not pay
for digging and hauling tC) market. Examples like
this can be multiplied all over the country. No
wonder the farmer knows something is wrong when
money is everything and property is nothing.
You forget that cheap money and inflation of
values is the law of commercial growth, and con-
traction or congestion is hurtful and ruinous. You
put your money mto United States bonds which
you have made a lazy fund for millionaires.
^ 'And when you can find no profitable invest-
ment for your money, you try to force the United
States to issue bonds for your lazy benefit without
law and contrary to law.
"This is the acme of your supreme selfishness
and the summit of your sordid motives. You
would rob and destroy the best government on
earth to satisfy your cupidity. And your cupidity
is a sad spectacle to the distressed patriots of our
country. You threaten to convert the $500,000,-
000 of greenbacks and treasury notes into bonds
for your benefit, and thus contract and destroy half
MAN AND MAMMON.
our currency when you should increase the currency
sufficient to increase the price of commodities and
labor, as the only inducement for people to engage
in commercial enterprises.''
''But that is the only way to keep on the pres-
ent gold standard, ' 'interrupted the eastern banker.
''Then the present gold standard should go to
the perdition of the ungodly, for if it don't it will
take the people and the country there.
THE ANARCHISTS OF WALL STREET.
"You people talk of anarchists and yet you
have the most anarchistic documents sent out from
Wall street weekly decrying against popular gov-
ernment and legislation, such as would put Herr
Most to shame. I copy two samples from Henry
Clewes' financial review of May, 1896:
'*But Wall street has learned to believe there
are greater potencies than party platforms, than
legislative subserviency to popular ignorance.
There are situations and events that can instantly
coerce, and convert the most reckless legislator in-
to the willing servants of a conservative sentiment
that represents the real interests and safety of the
nation.'' Wall street decides what is ^ 'the real in-
terests and safety of the nation, and would coerce
MAN AND MAMMON.
legislators.'' What bold assumption. Butfurther:
"The near prospect of the authorization of free
coinage — a counting of heads showing a two-thirds
vote in the house and senate for i6 to i — would
provoke in Wall street the kind of conditions that
no Congress has ever yet dared to disregard.''
'^What is this but a declaration of anarchy or
revolution? A threat that Wall street will have
her way or wreck the country if she is provoked.
The money power and the metropolitan press
should look to their own glass houses before they
Again, presidents of banks, trusts and syndi-
cates will get together with Mark Hanna and talk
tariff, a dead issue, and explain how they can make
this country rich by taxing it, just as a man can lift
himself by pulling at his boot-straps, and shed
crockodile tears over the loss the poor man will
sustain by changing to bi-metalism, and all the
time they are fooling no one. Then they retire to
their officers cut the wages of their employes, and
double the price of the poor man's articles con-
trolled by the trusts, and call this business. They
will demand protection for American industries
and then endeavor to destroy silver, one of our
greatest products, and then like the ostrich that
hides its head, they imagine no one sees their grea
MAN AND MAMMON. 133
bulky bodies, and inconsistent hypocrisy. You
claim that the present single standard is the only
way to keep gold and silver both in circulation
and yet it is the very system that tends to keep
out of circulation, as our financial condition demon-
strates, the gold which is locked up, three-quarters
held as reserve, and silver which is so depreciated
that it circulates with difficulty.''
''Well, is it not a depreciating currency bad ?"
asked the easterner.
^'Yes, a depreciating currency is bad, but his-
tory demonstrates that an appreciating one is
worse, The first hurts the creditor, the latter,
despoils the debtor. The tendency of the first is to
equalize the distribution of wealth, that of the lat-
ter to concentrate it, making the many helpless de-
pendants of the few. This explains why the cred-
itor east are for a single gold standard. Selfish-
ness is the basic principle. May the Lord save us
from the so-called blessings of the gold standard*
and the sad delusions of 'sound money" — a money
whose sound is never heard except by the million-
aire. But again is it not dangerous for the banks
to assume a private guardianship over the treasury
as in their recent attempt in New York to save the
credit of the nation by their proffered gold to bring-
up the reserve. Might not these same patriotic
134 MAN AND MAMMON.
bankers do as they have done in the past, wrok
great detriment to the nation's honor and credit
when it is to their interest to do so? But I fear I
weary you and will say good-day."
BI-METALISM SHOULD BE RESTORED WITHOUT DELAY.
We have thus seen that money is a medium
of exchange, a measure of value, and a standard of
That while it performs these three functions
its debt paying power is determined by law. That
as Aristottle said two thousand years ago, ''Money
by itself has value only by law^ and not by nature.''
The value of money is its purchasing power, and
is determined not by its substance but by the func-
tions it performs. One of the most important re-
quisites of money is unvarying purchasing power
or stability of value. This is especially important
where there are deferred payments, also to pre-
serve uniformity of prices for commodities upon
which business success must greatly depend.
Money is essential to civilization, and its sound-
MAN AND MAMMON.
ness or honesty depends upon its stability. Abso
lute stability is impossible, but the best money is
that which chancres least in purchasing power.
We have seen that by this test silver as stand-
ard money has received the approval of all civil-
ized nations, ancient and modern, and is the money
of the vastly greater part of the world. Its history
of usefulness far exceeds that of gold. It was the
standard of value in Egypt, Phoenicia, Greece,
Rome, France, England and all nations civilized
and uncivilized until a very recent date. Locke
says it was ''the money of account and measure of
trade all through the world," while he said, "Gold
is not the money of the world or measure of com-
merce^ or fit to be so. " He and Ricardo asserted
that silver was more stable than gold. In early
times gold was used by weight only, and its use as
money in ordinary business is of recent date. It
was not coined in England until the middle of the
thirteenth century, and it has always been deemed
less stable in value than silver.
Monser says gold fell in value 33^3 per cent
* about 100 B. C., and further declined 25 per cent
after the conquest of Gaul by Csesar. Professor
Jevons estimates the value of gold fell 46 per cent
from 1 789 to 1809, then advanced 149 per cent. In
1849, the discovery of gold in California caused
136 MAN AND MAMMON.
a decline of 20 percent to 1873. And the best
authorities claim that gold has risen 85 to 105 per
cent since 1873.
Mr. Leonard Courtney says: *'It is a dream
to suppose that gold is stable in value." And all
authorities, up to a few recent politicians, declare
that silver is more stable in value than gold, and
therefore is the real honest and sound money.
In Peru in the sixteenth century, when there
was no law for its protection, gold sank to a level
with silver in value^ and because of abundance,
shoes sold for $^so a pair and a bottle of wine $700
in gold. Therefore silver being more stable in
value, more general in use and approved by uni-
versal experience should be restored.
There has been a steady fall of prices in gold
countries, while in silver countries prices have
not generally changed. The greater stability
of silver is thus established.
As a debtor nation, paying in commodities,
our loss by the fall of prices is almost incredible,
and there is but one remedy — the increase of pri-
mary money — or a return to the double standard,
or free coinage of silver.
Silver should be restored because it is the
money of the constitution and the people, and was
destroyed in violation of the constitution, and
against the people.
MAN AND MAMMON. 137
Because the double standard is the best, most
convenient and stable as a financial system.
Because it provides for a currency more abun-
dant and elastic, and no part of it which is a me-
nace to the government.
Because it produces more uniformity of values
and is just to the debtor and the creditors, enabling
him to pay in either metal at his option in case the
other is cornered.
Because it prevents the millionaire speculators
from cornering or controlling the money of the
world, which they can and do accomplish on the
single standard. *
Because silver is the practical active metal
money of the world, and gold is the theoretic
hoarded metal money of the world, and they travel
like twin brothers together, on equal terms, but
when divorced, gold is insufficient and dear, and
hides at the least alarm, and the people virtually
have no money.
Because gold alone is quick to hide and slow
to come forth, and appreciates in value too rapidly
and thereby depreciates the value of all property
and products, causing business stagnation.
Because the double standard, or bi-metalism,
was used, tested, tried and found satisfactory by
all nations of the earth, in all ages, and under all
138 MAN AND MAMMON,
conditions, until in the past twenty-three years, ex-
cept England, until the last seventy years.
Because England's example was no criterion
for the rest of the world, for it benefitted only her
millionaires, to the injury and detriment of the
great masses of her people.
Because the single or gold standard is an ex-
periment of only sixteen and one-half years in
America, yet it has produced two most disastrous
panicS; and more business depression, ruin and
bankruptcy than ever known in this country in the
same period of time. Its very announcement in
1873, before it becfame operative, precipitated a
direful panic and the repeal of the only law tend-
ing to the double standard projected another fearful
panic and crisis, which continues its ruin to the
Because it has proved a ruinous experiment in
France, Germany, and wherever tried.
Because it tends to produce poverty and dis-
tress among the masses, and doubles the power
and oppression of wealth, builds up an aristocratic
money power, and reduces the people to financial
Because it is in the interest of the rich alone,
the favored scheme of the kings and monarchs of
Europe to reduce their people to abject vassalage
and destroy the liberties of their subjects.
MAN i\ND MAMMON. 139
Because it means the reduction of the masses
to pauperism, and the supremacy of aristocratic
Because the single standard is a recent, most
disastrous experiment, and colossal failure.
Because it has been fastened on all countries
who have it, by fraud, secrecy or dictation of the
rich, without the consent of the people.
Because we are the only country where the
people rule, and we should protect the people from
its injustice and ruin, and set an example to all
Because wherever it exists, it has produced fi-
nancial ruin, depression and dissatisfaction, and
the people are striving, wherever it exists, to cast
off this yoke of gold, and have been delayed, de-
ceived and thwarted by the machinations of the
Because we set the first bad example of de-
grading silver in recent times, and we should set
the first good example of restoring it.
Because in this country the law forcing the
single standard was, and is, unconstitutional and
void, and a usurpation of power.
Because silver is one of our greatest products
and it is to our interest to protect it.
I40 MAN AND MAMMON.
Because gold is too weak a financial system to
endure agitation or discussion.
Because it has brought greater distress than
could possibly result from the restoration of silver.
Because national honor does not require its
continuance, and national credit and prosperity re-
quires its discontinuance.
Because it is an inverted pyramid and any in-
crease of other monty tends to topple it over.
Because under it the more currency we have
the less we can safely use.
Because there is no free silver country in the
world but what is more prosperous than it was
twenty years ago and pays better wages; and there
is no gold standard country but what is less pros-
perous and pays less wages.
Because no free coinage country in the world
needs gold as a currency, and no gold standard
country uses it extensively and generally.
Therefore, by restorirfg silver the struggle for
gold will cease, and it will no longer be a disturb-
inof factor — the creditor and debtor classes will be
on more equal terms, money will cease to rise, and
property cease to fall in value, thus producing busi-
ness activity and prosperity.
Then will men applaud the silver craze as the
MAN AND MAMMON. 141
acme of wisdom, and reprobate the gold lunacy as
the worst crime in the world's history.
The humiliating spectacle of a rich nation in
times of profound peace and abundance issuing
bonds to buy gold and begging the protection of
a foreign syndicate, and turning its treasury over
to its rapacity in an endless chain of ruin would
cease. The ''irrepressible conflict'' over our finan-
cial system thus ended in the interest of freedom,
and humanity would crown the nation with the
blessings of peace, happiness and prosperity.
May all lovers of mankind who would help the
struggling masses to better living and nobler aspir-
ations, who would be j^ust to the poor as well as
the rich, and protect the needy from ihe grasp of
avarice, and the weak from the arrogance of gold,
champion the cause of bi-metalism — the cause of
freedom and humanity. The way is open, the
time is propitious, the omens are favorable, and
the battle for free silver, free men, justice, pros-
perity and self-government has begun. The duty
of all is to follow that brilliant and intrepid leader
of Democracy, William J. Bryan, who in that
burst of marvelous eloquence and patriotism at
Chicago said: "It is the issue of 1776 over again.
Our ancestors, when but three million, declared
their political independence of every other nation,
142 MAN AND MAMMON.
shall we, their descendants, when we have grown
to seventy millions, declare we are less independ-
ent than our forefathers? There is no private
character however pure, no personal popularity
however great can protect from the avenging wrath
of an indignant people, the man who will either
declare that he is in favor of fastening the gold
standard on this people or who is willing to sur-
render the right of self government and place legis-
lative control in the hands of potentates and
A PATRIOTIC PROPHECY.
Thank heaven ! Our country has never known
the feudal scourge of medieval slavery, the entail-
ment of baronial estates, or the crouching vassal-
age to king or duke, or hereditary lord. And may
she never know the crushing tyranny of concen-
trated wealth and power.
I believe this question will be settled soon in
favor of justice, humanity and prosperity. And
those who administer the government, obey the
divine edict, ''let him that is greatest among you be
your servant." We are today, if untrameled by de-
structive legislation, the most powerful and wealthy
nation on earth.
By reason of the compactness and fertility of
MAN AND MAMMON. 143
our territory, and the energy and intelligence of
our citizens, we are able to cope with all the rest
of the world. And had we the spirit of conquest
like Rome, we could now possess a hemisphere in
spite of the combined nations of the earth.
We have what no nation ever before pos-
sessed, and what all the world did not have at the
commencement of this century — forty millions of
educated people. Rome, in the zenith of her
power, when she embraced the known world, had
less than twenty-three millions, including barbari-
ans, and not a half a million of educated people.
In a few more years the concrete wisdom and
patriotism of our people, will have settled all the
puzzling question that have marred our peace or
retarded our prosperity — questions of tariff and
finance, protection of labor and encroachments of
.capital — all settled. And our marvelous prosperi-
ty and renown will fill the earth with wonder, while
the coming centuries point the finger of destiny to
the two continents as our possession^ and the west-
ern hemisphere for the great republic. Not by
conquest, for mankind has at last discovered that
commerce must take the place of war, and that
mutual interest and love bind stronger than bayo-
Let no pessimistic croaker harrow the patri-
MAN AND MAMMON.
Otic soul of any American, by prating of the man
on horseback. The world will never produce an-
other Napoleon any more than another Shakes-
peare. The doctrine of the future, ''it is more
blessed to give than to receive," will be the colos-
sal and endearing principle of earth's highest beati-
tudes. The dangers oi the future will be less than
those of the past, and the patriotic good sense of
the masses will preserve the nation as they did in
the darkest trials through which it passed, and they
Are tokens through the coming vears,
Whose clouds of darkness black with fears,
Rise o'er the hills and drape the land —
That patriot hearts will throb and stand,
In strength like Grecian phalanx true,
In beauty like the rainbows hue.
A nation, nobly, truly great.
And worth a million hero lives,
And towering o'er the realms of fate,
Enduring as the earth and skies.